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Estimation and Identification of Structural Parameters in the Presence of Multiple Equilibria: A Comment

Franck Portier ()

Annals of Economics and Statistics, 2002, issue 66, 35-39

Abstract: During those past twenty years, Russell W. COOPER has been an important contributor in the domain of strategic complementarity and multiple equilibria models. In this lecture, he choses with us some thoughts on the estimation and identification problems raised by such models. The two questions he asks are (1) Can models with multiple equilibria be rejected? and (2) Can the parameters of a model with multiple equilibria be identified? A collection of exemples is given that illustrate where are the problems and how can they be solved case by case. As COOPER mentions it; "theorems would be preferred", but it is the interest of those lectures to allow for a specialist to present his thoughts and interrogations even before general results have been obtained, therefore allowing the readers to observe the very process of scientific research. In this comment, I would like to raise two points that might clarify some aspects of COOPER's lecture. The first one is related to the estimation of multiple equilibria models.

Date: 2002
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Handle: RePEc:adr:anecst:y:2002:i:66:p:35-39