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Disequilibrium Estimation of the Demand for Copper

James G. MacKinnon and Nancy D. Olewiler
The Bell Journal of Economics
Vol. 11, No. 1 (Spring, 1980), pp. 197-211
Published by: RAND Corporation
DOI: 10.2307/3003408
Stable URL: http://www.jstor.org/stable/3003408
Page Count: 15
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Disequilibrium Estimation of the Demand for Copper
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Abstract

In this paper we estimate the demand for refined copper in the United States, taking account of the fact that, during much of the sample period, copper supplies were rationed. The model employed, which is closely related to the Tobit model, is much simpler than those models previously used for disequilibrium estimation. Our empirical results are consistent with institutional evidence on the existence of rationing, and suggest that conventional estimates of the demand for copper, which implicitly assume that the market is always in equilibrium, are severely biased.

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