A HYBRID GENETIC ALGORITHM FOR THE MAXIMUM LIKELIHOOD ESTIMATION OF MODELS WITH MULTIPLE EQUILIBRIA: A FIRST REPORT

Victor Aguirregabiria () and Pedro Mira ()
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Pedro Mira: CEMFI, Casado del Alisal, 5, Madrid, Madrid 28004, Spain

New Mathematics and Natural Computation (NMNC), 2005, vol. 01, issue 02, pages 295-303

Abstract: This paper presents a hybrid genetic algorithm to obtain maximum likelihood estimates of parameters in structural econometric models with multiple equilibria. The algorithm combines a pseudo maximum likelihood (PML) procedure with a genetic algorithm (GA). The GA searches globally over the large space of possible combinations of multiple equilibria in the data. The PML procedure avoids the computation of all the equilibria associated with every trial value of the structural parameters.

Keywords: Genetic algorithms; maximum likelihood estimation; multiple equilibria (search for similar items in EconPapers)
Date: 2005

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