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- 2021
- Working Paper
Estimating Models of Supply and Demand: Instruments and Covariance Restrictions
By: Alexander MacKay and Nathan H. Miller
We consider the identification of empirical models of supply and demand with imperfect competition. As is well known, a supply-side instrument can resolve price endogeneity in demand estimation. We demonstrate that, under common assumptions, two other approaches also...
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Keywords:
Demand Estimation;
Identification;
Endogeneity Bias;
Covariance Restrictions;
Ordinary Least Squares;
Instrumental Variables
MacKay, Alexander, and Nathan H. Miller. "Estimating Models of Supply and Demand: Instruments and Covariance Restrictions." Harvard Business School Working Paper, No. 19-051, October 2018. (Revised February 2022. Direct download.)