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Original Articles

Simultaneous-equation estimation with no instrumental variables

Pages 1097-1100 | Published online: 31 Oct 2017
 

ABSTRACT

For a single equation in a system of linear equations, estimation by instrumental variables is the standard approach. In practice, however, it is often difficult to find valid instruments. This letter outlines a maximum-likelihood method that does not require instrumental variables; it is applied to the estimation of a demand function and an Engel curve.

JEL CLASSIFICATION:

Disclosure statement

No potential conflict of interest was reported by the author.

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