| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP6040
|
| DP6040 Optimal Debt Contracts under Costly Enforcement |
| Hans K. Hvide; Tore Leite
|
| 发表日期 | 2007-01-14
|
| 出版年 | 2007
|
| 语种 | 英语
|
| 摘要 | When a supply and demand model is recursive, with errors uncorrelated across the two equations, ordinary least squares (OLS) is the recommended estimation procedure. Supply to a daily fish market is determined by the previous night?s catch, so this would appear to be a good example of a recursive market. Despite this, data from the Fulton fish market are treated in the literature, without explanation, as coming from a simultaneous-equations market. We provide the missing explanation: inventory changes, influenced by current price, affect daily supply. Instrumental variable estimates using the full data set differ very little from OLS estimates using only observations with little inventory change, providing strong support for our explanation. Finally, we note that because of inventory changes, estimates of supply price elasticities in high-frequency markets must be interpreted with care. |
| 主题 | Industrial Organization
|
| 关键词 | Demand
Estimation
Fish
Fulton market
Inventories
Simultaneous equations
|
| URL | https://cepr.org/publications/dp6040
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534874
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推荐引用方式
GB/T 7714 |
Hans K. Hvide,Tore Leite. DP6040 Optimal Debt Contracts under Costly Enforcement. 2007.
|
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