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More Realistic Single Equation Models Through Specification of Random Coefficients*

Published online by Cambridge University Press:  28 April 2015

Max R. Langham  and
Michael Mara
Max R. Langham
Affiliation:
University of Florida
Michael Mara
Affiliation:
University of Florida
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Extract

Regression analysis with its many modifications and extensions plays a dominant role as an analytical tool in economic research. The linear regression model with random coefficients (hereafter RCR for random coefficient regression) provides a generalization of the classical linear regression model and permits a more realistic specification of the real world than does the classical model. As a consequence RCR will probably play an increasingly important role in econometric analysis of a wide class of problems-particularly as probabilistic micro-economic theory develops.

Type
Research Article
Information
Journal of Agricultural and Applied Economics , Volume 5 , Issue 1 , July 1973 , pp. 161 - 166
Copyright
Copyright © Southern Agricultural Economics Association 1973

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Footnotes

*

Florida Agricultural Experiment Station Journal Series No. 4891 under State Project AS 01636.

References

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