Models Containing Unobservable Variables and Traditional Regression Analysis

Fedorov, V. (1984). Models Containing Unobservable Variables and Traditional Regression Analysis. IIASA Working Paper. IIASA, Laxenburg, Austria: WP-84-016

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Abstract

The objective of the Forest Sector Project at IIASA is to study long-term development alternatives for the forest sector on a global basis. One of the key problems of analysing long-term development is to predict the changing patterns of demand, supply capacity and international trade. In the modeling of these structural change processes econometric estimation plays a central role.

In this paper Professor Fedorov draws attention to the fact that some of the results from econometric analysis of estimation in situations with unobservable variables can be readdressed within the framework of traditional regression analysis. These observations are of importance in the choice of methods to be used in estimating demand, supply or import equations.

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