With a personal account, you can read up to 100 articles each month for free.
Already have an account?
- Access everything in the JPASS collection
- Read the full-text of every article
- Download up to 10 article PDFs to save and keep
- Access everything in the JPASS collection
- Read the full-text of every article
- Download up to 120 article PDFs to save and keep
Purchase a PDF
How does it work?
- Select the purchase option.
-
Check out using a credit card or bank account with
PayPal . - Read your article online and download the PDF from your email or your account.
The paper presents maximum likelihood methods for estimating four types of disequilibrium models. In each case the model includes three equations: the demand equation, the supply equation, and the condition that quantity observed is the minimum of quantity demanded and quantity supplied. The first model consists of just these equations. In the second model one knows whether one is on the demand function or the supply function by looking at the direction of the change in price. In the third model the price change is assumed to be proportional to excess demand. In the fourth model the price change is a stochastic function of excess demand and possibly other exogenous variables. Some illustrative calculations are presented using the housing starts model considered by Fair and Jaffee in an earlier issue of this journal.
Econometrica publishes original articles in all branches of economics - theoretical and empirical, abstract and applied, providing wide-ranging coverage across the subject area. It promotes studies that aim at the unification of the theoretical-quantitative and the empirical-quantitative approach to economic problems and that are penetrated by constructive and rigorous thinking. It explores a unique range of topics each year - from the frontier of theoretical developments in many new and important areas, to research on current and applied economic problems, to methodologically innovative, theoretical and applied studies in econometrics.
The Econometric Society is an international society for the advancement of economic theory in its relation to statistics and mathematics.
This item is part of a JSTOR Collection.
For terms and use, please refer to our
Econometrica
© 1974 The Econometric Society