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dc.date.accessioned2012-02-13T12:32:21Z
dc.date.available2012-02-13T12:32:21Z
dc.date.issued1975-04
dc.identifier.citationWhitacre, Robert James (1975) Policy determination through simulation of non-linear econometric models. Working Papers 213, Nairobi: Institute for Development Studies, University of Nairobien_GB
dc.identifier.urihttps://opendocs.ids.ac.uk/opendocs/handle/20.500.12413/1361
dc.description.abstractSimulation of stochastic non-linear econometric models is known to have desirable analytic content only when the error terms affecting the structural equations are incorporated within the simulation procedure. This paper demonstrates that stochastic simulation, repeated solution of a model with error terms explicitly incorporated in quantified form, results in an empirical distribution function for the endogenous variables which converges uniformly to the true distribution function. This result allows the construction of confidence intervals on the paths of the endogenous variables of the model. Furthermore the Bayes' Principle is extended to cover optimal policy determination for a finite set of available policies for stochastic non-linear econometric models; resulting in a practical procedure available for development planning.en_GB
dc.language.isoenen_GB
dc.publisherInstitute for Development Studies, University of Nairobien_GB
dc.relation.ispartofseriesWorking Papers.;213
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/en_GB
dc.subjectDevelopment Policyen_GB
dc.subjectEconomic Developmenten_GB
dc.titlePolicy determination through simulation of non-linear econometric modelsen_GB
dc.typeSeries paper (non-IDS)en_GB
dc.rights.holderInstitute for Development Studies, University of Nairobien_GB
dc.identifier.blds322620


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