The Empirical Content of Models with Multiple Equilibria
Alberto Bisin (),
Andrea Moro () and
Giorgio Topa ()
No 660, 2006 Meeting Papers from Society for Economic Dynamics
We consider a generic environment with (potentially) multiple equilibria and analyze conditions for identification of the structural parameters. We then study conditions that allow for the estimation of both the structural parameters and the â€œselected equilibriumâ€ . We focus on a â€œeasy to computeâ€ consistent 2-step estimator and use Monte Carlo methods on a model with social interactions to describe its finite sample properties
Keywords: multiple equilibria; identification; structural estimation; montecarlo simulations (search for similar items in EconPapers)
JEL-codes: C13 C21 J71 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed006:660
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