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More Realistic Single Equation Models Through Specification of Random Coefficients*
Published online by Cambridge University Press: 28 April 2015
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.
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- Research Article
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- Copyright © Southern Agricultural Economics Association 1973
Footnotes
Florida Agricultural Experiment Station Journal Series No. 4891 under State Project AS 01636.
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