Set-Up Costs and Theory of Exhaustible Resources, and A Note on Set-Up Costs Facing Consumers

John M. Hartwick, Murray Kemp and Ngo Long

No 275188, Queen's Institute for Economic Research Discussion Papers from Queen's University - Department of Economics

Abstract: This paper discusses the traditional specification problem from a geometric viewpoint. While the traditional emphasis is on the properties of estimators, the geometric approach also allows an easy development of corresponding results for inference. Errors arising from artificial inclusion or exclusion of variables are considered in terms of augmentations or restrictions on a given maintained hypothesis, and this allows a corresponding interpretation of tests based upon the Wald and Lagrange Multiplier Principles. It is demonstrated that biases arising from incorrect exclusion of variables do not invalidate the traditional F-test.

Keywords: Demand and Price Analysis; Financial Economics (search for similar items in EconPapers)
Pages: 36
Date: 1980
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Persistent link: https://EconPapers.repec.org/RePEc:ags:queddp:275188

DOI: 10.22004/ag.econ.275188

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