Controlling an Econometric Model Using Different Coefficient Sets
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In optimisation experiments with macroeconometric models, there are many sources of uncertainty and error that should be taken into consideration. An issue which has received much attention during the last decade is how random disturbances in the model equations will affect optimal policies. Another issue and one which seems to have been overlooked is the effects of coefficient estimates of different refinement on the determination of optimal policies.
KeywordsOptimal Policy Model Version Planning Period Payoff Matrix Historical Simulation
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