The analysis of economic phenomena by using simultaneous equation models
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Abstract
Widely applied single-equation econometric model deals with a single dependent variable. In mare complex systems such model is not an adequate tool. Economic phenomena are characterized by interactions. In such cases simultaneous equation model is mare appropriate. In simultaneous equation models there are no limits on kind and number of connections between endogenous variables. They can be applied everywhere where relationship between variables is not one-sided. The attempt of application of linear simultaneous model to analysis of interdependence between inputs and outputs in farm has been undertaken in this paper. There same data from 284 farms have been used in this research. For choosing explanatory variables two-stages procedure based on Hellwig's methods has been applied. In order to estimate the parameters joint estimation of entire system of equation - there-state least squares and full information maximum likelihood methods have been used. The endogenous variables of that model are: value of vegetable production, crop and livestock.
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Borkowski, B., & Dudek, H. (2000). The analysis of economic phenomena by using simultaneous equation models. Zeszyty Naukowe SGGW - Ekonomika I Organizacja Gospodarki Żywnościowej, (42), 19–30. https://doi.org/10.22630/EIOGZ.2000.42.70
References
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