Random Coefficient Models: Theory and Applications

P A V B Swamy and George Tavlas

Journal of Economic Surveys, 1995, vol. 9, issue 2, 165-96

Abstract: This paper provides an overview of the rationale behind, and the implementation, and uses of, the random coefficient approach to econometric modeling. A simple random coefficient model is presented, and methods for estimating, testing, and validating such a model are described. A more general model is then presented. The general model is shown to include several fixed-coefficient models as special cases and can be estimated incorporating a variety of judgements concerning simplification. Finally, the paper reviews recent applications of random coefficient estimation. Copyright 1995 by Blackwell Publishers Ltd

Date: 1995
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Working Paper: Random coefficient models: theory and applications (1993)
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