Simultaneous-equation estimation with no instrumental variables

Eric Blankmeyer

Applied Economics Letters, 2018, vol. 25, issue 15, 1097-1100

Abstract: For a single equation in a system of linear equations, estimation by instrumental variables is the standard approach. In practice, however, it is often difficult to find valid instruments. This letter outlines a maximum-likelihood method that does not require instrumental variables; it is applied to the estimation of a demand function and an Engel curve.

Date: 2018
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DOI: 10.1080/13504851.2017.1397847

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