A Framework for Estimating Disequilibrium Models with Many Markets

Arbeitspapier

This paper presents a framework for estimating non-Walrasian models with many markets based on the virtual price approach in Lee (1986). The paper discusses an open economy multi-market non-Walrasian model with many agents and government production. The modeling of the labor markets is built on the assumption that each combination of worker and firm is a separate micro labor market. The econometric specification in the paper assumes log-linear virtual prices. Despite the use of such a simple specification it is apparent that when there are a large number of markets, the computational burden of estimation becomes heavy due to the large number of possible rationing regimes. The model presented in the paper can be viewed as a basis for either doing econometric work within a multi-market representative agent framework or for developing methods for aggregating across micro markets.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Discussion Papers ; No. 138

Klassifikation und Themen

• Klassifikation: Wirtschaft
• Thema: Econometric disequilibrium models ; non-Walrasian equilibrium virtual prices.

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Andreassen, Leif
• Ereignis: Veröffentlichung
• (wer): Statistics Norway, Research Department
• (wo): Oslo
• (wann): 1995

Weitere Informationen

• Handle: http://hdl.handle.net/10419/192122
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ