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The Empirical Content of Models with Multiple Equilibria

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Author Info
Alberto Bisin
Andrea Moro
Giorgio Topa () (Microeconomic and Regional Studies Federal Reserve Bank of New York)

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Abstract

We consider a generic environment with (potentially) multiple equilibria and analyze conditions for identification of the structural parameters. We then study conditions that allow for the estimation of both the structural parameters and the “selected equilibriumâ€. We focus on a “easy to compute†consistent 2-step estimator and use Monte Carlo methods on a model with social interactions to describe its finite sample properties

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File URL: http://repec.org/sed2006/up.29797.1140028517.pdf
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Paper provided by Society for Economic Dynamics in its series 2006 Meeting Papers with number 660.

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Date of creation: 03 Dec 2006
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Handle: RePEc:red:sed006:660

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Related research
Keywords: multiple equilibria; identification; structural estimation; montecarlo simulations;

Find related papers by JEL classification:
C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Estimation
C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
J71 - Labor and Demographic Economics - - Labor Discrimination - - - Hiring and Firing

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  1. George Egorov & Konstantin Sonin, 2005. "The Killing Game: Reputation and Knowledge in Non-Democratic Succession," Economics Working Papers 0054, Institute for Advanced Study, School of Social Science. [Downloadable!]
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  3. repec:att:wimass:1920512 is not listed on IDEAS
  4. Christopher M. Cornell & Raphael H. Solomon, 2006. "Are Currency Crises Low-State Equilibria? An Empirical, Three-Interest-Rate Model," Working Papers 06-5, Bank of Canada. [Downloadable!]
  5. Victor Aguirregabiria & Pedro Mira, 2004. "Sequential Estimation Of Dynamic Discrete Games," Working Papers wp2004_0413, CEMFI. [Downloadable!]
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  6. repec:att:wimass:192042 is not listed on IDEAS
  7. Russell W. Cooper, 2005. "Estimation and Identification of Structural Parameters in the Presence of Multiple Equilibria," Eastern Economic Journal, Eastern Economic Association, vol. 31(1), pages 107-130, Winter. [Downloadable!]
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