Modelling a Market Which is Sometimes in Disequilibrium

James MacKinnon

Working Paper from Economics Department, Queen's University

Abstract: The literature on disequilibrium econometrics has so far dealt only with markets which are always out of equilibrium. This paper proposes two related models of markets which may be in equilibrium in some time periods but out of equilibrium in other periods. The source of the disequilibrium is an exogenous constraint on price. In one model, it is assumed that the investigator knows which regime generated each observation; in the other, it is assumed that this information is not available. Maximum likelihood estimating techniques are proposed for both models.

Pages: 14
Date: 1978
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Persistent link: https://EconPapers.repec.org/RePEc:qed:wpaper:287

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