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| Author: | Watkins, G. C. |
| Title: | Short- and longterm equilibria : relationships between first and third generation dynamic factor demand models. |
| Journal: | Energy Economics
1991 : JAN, VOL. 13:1, p. 2-9 |
| Index terms: | DYNAMIC MODELS ENERGY EQUILIBRIUM THEORY |
| Language: | eng |
| Abstract: | The classification of dynamic models of input demands shows that first generation models have the virtue of simplicity of estimation, they remain essentially ad hoc and thus are theoretically inferior to those of the third generation. Moreover, first generation models can be shown generically related third generation models, and under certain assumptions input demand expressions in a third generation model collapse to those of the first generation, offering a short cut for estimation. However, empirical comparisons suggest that first generation specifications do not afford a reasonable approximation to input functions embedded in more complex third generation models. |
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