The Stochastic Coefficients Approach to Econometric Modeling, Part II: Description and Motivation

P.A.V.B. Swamy, Roger K. Conway and Michael LeBlanc

Journal of Agricultural Economics Research, 1988, vol. 40, issue 3, 10

Abstract: A general stochastic coefficients model developed by Swamy and Tinsley serves as a reference point for discussion in this second of a series of three articles Other well-known specifications are related to the model. The authors weigh the advantages and disadvantages of stochastic coefficients and suggest procedures to address the identification and estimation problem with weaker and noncontradictory assumptions They argue that the real aim of inference is prediction and that "imprecise" parameter estimates of a coherent model are acceptable if they forecast well.

Keywords: Financial Economics; Production Economics; Research and Development/Tech Change/Emerging Technologies (search for similar items in EconPapers)
Date: 1988
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Persistent link: https://EconPapers.repec.org/RePEc:ags:uersja:137467

DOI: 10.22004/ag.econ.137467

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