About: Structural estimation

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Structural estimation is a technique for estimating deep "structural" parameters of theoretical economic models. The term is inherited from the simultaneous equations model. In this sense "structural estimation" is contrasted with "reduced-form estimation", which is the statistical relationship between observed variables.

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rdfs:label	Structural estimation (en)
rdfs:comment	Structural estimation is a technique for estimating deep "structural" parameters of theoretical economic models. The term is inherited from the simultaneous equations model. In this sense "structural estimation" is contrasted with "reduced-form estimation", which is the statistical relationship between observed variables. (en)
dcterms:subject	Economic methodology Estimation methods Econometrics
Wikipage page ID	12634266 (xsd:integer)
Wikipage revision ID	1021827273 (xsd:integer)
Link from a Wikipage to another Wikipage	Methodology of econometrics Economic methodology Indirect inference Generalized method of moments Simultaneous equations model Parameter Regression analysis Cowles Foundation Estimation methods Econometrics Maximum likelihood Lucas critique Model (economics)
Link from a Wikipage to an external page	http://cep.lse.ac.uk/pubs/download/dp0976.pdf
sameAs	Structural estimation Structural estimation Structural estimation Structural estimation
dbp:wikiPageUsesTemplate	dbt:Cite_book dbt:Cite_journal dbt:Reflist dbt:Sfn dbt:Econometrics-stub
has abstract	Structural estimation is a technique for estimating deep "structural" parameters of theoretical economic models. The term is inherited from the simultaneous equations model. In this sense "structural estimation" is contrasted with "reduced-form estimation", which is the statistical relationship between observed variables. The difference between a structural parameter and a reduced-form parameter was formalized in the work of the Cowles Foundation. A structural parameter is also said to be "policy invariant" whereas the value of reduced-form parameter can depend on exogenously determined parameters set by public policy makers. The distinction between structural and reduced-form estimation within "microeconometrics" is related to the Lucas critique of reduced-form macroeconomic policy predictions. The original distinction between structure and reduced-form was between the underlying system and the direct relationship between observables implied by the system. Different combinations of structural parameters can imply the same reduced-form parameters, so structural estimation must go beyond the direct relationship between variables. Many economists now use the term "reduced form" to mean statistical estimation without reference to a specific economic model. For example, a regression is often called a reduced-form equation even when no standard economic model would generate it as the reduced form relationship between variables. These conflicting distinctions between structural and reduced form estimation arose from the increasing complexity of economic theory since the formalization of simultaneous equations estimation. A structural model often involves sequential decision-making under uncertainty or strategic environments where beliefs about other agents' actions matter. Parameters of such models are estimated not with regression analysis but non-linear techniques such as generalized method of moments, maximum likelihood, and indirect inference. The reduced-form of such models may result in a regression relationship but often only for special or trivial cases of the structural parameters. (en)
gold:hypernym	Technique
prov:wasDerivedFrom	wikipedia-en:Structural_estimation?oldid=1021827273&ns=0
page length (characters) of wiki page	3902 (xsd:nonNegativeInteger)
foaf:isPrimaryTopicOf	wikipedia-en:Structural_estimation
is Link from a Wikipage to another Wikipage of	John Rust Peter Arcidiacono Dynamic discrete choice Method of simulated moments List of statistics articles Lucas critique Structural parameters
is Wikipage redirect of	Structural parameters
is known for of	John Rust Peter Arcidiacono
is foaf:primaryTopic of	wikipedia-en:Structural_estimation

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