The DOI matches its Crossref record; 43 of the 43 references it cites were found in a registry or an index.
Estimating Dynamic Models of Imperfect Competition
Abstract
We describe a two-step algorithm for estimating dynamic games under the assumption that behavior is consistent with Markov perfect equilibrium. In the first step, the policy functions and the law of motion for the state variables are estimated. In the second step, the remaining structural parameters are estimated using the optimality conditions for equilibrium. The second step estimator is a simple simulated minimum distance estimator. The algorithm applies to a broad class of models, including industry competition models with both discrete and continuous controls such as the Ericson and Pakes (1995) model. We test the algorithm on a class of dynamic discrete choice models with normally distributed errors and a class of dynamic oligopoly models similar to that of Pakes and McGuire (1994).
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Citations
Cites
The Dynamics of Productivity in the Telecommunications Equipment Industry
Olley, G. S., & Pakes, A. (1996) · Econometrica · doi:10.2307/2171831 · Cited by 7,112
Automobile Prices in Market Equilibrium
Berry, S., Levinsohn, J., & Pakes, A. (1995) · Econometrica · doi:10.2307/2171802 · Cited by 4,883
Estimating Discrete-Choice Models of Product Differentiation
Berry, S. T. (1994) · The RAND Journal of Economics · doi:10.2307/2555829 · Cited by 2,939
Markov-Perfect Industry Dynamics: A Framework for Empirical Work
Ericson, R., & Pakes, A. (1995) · The Review of Economic Studies · doi:10.2307/2297841 · Cited by 2,325
Optimal Replacement of GMC Bus Engines: An Empirical Model of Harold Zurcher
Rust, J. (1987) · Econometrica · doi:10.2307/1911259 · Cited by 1,724
(2010) · The RAND Journal of Economics · doi:10.1111/(issn)1756-2171 · Cited by 1,574
The Career Decisions of Young Men
Keane, M. P., & Wolpin, K. I. (1997) · Journal of Political Economy · doi:10.1086/262080 · Cited by 1,390
Contributions to the Theory of Games
Rubin, H., Kuhn, H. W., & Tucker, A. W. (1952) · Econometrica · doi:10.2307/1907817 · Cited by 1,198
Conditional Choice Probabilities and the Estimation of Dynamic Models
Hotz, V. J., & Miller, R. A. (1993) · The Review of Economic Studies · doi:10.2307/2298122 · Cited by 1,008
Sequential Estimation of Dynamic Discrete Games
Aguirregabiria, V., & Mira, P. (2007) · Econometrica · doi:10.1111/j.1468-0262.2007.00731.x · Cited by 704
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Toubia, O., & Stephen, A. T. (2013) · Marketing Science · doi:10.1287/mksc.2013.0773 · Cited by 484
Dynamic Models and Structural Estimation in Corporate Finance
Strebulaev, I. A. (2011) · Foundations and Trends® in Finance · doi:10.1561/0500000035 · Cited by 259
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Metadata
- Authors
- Bajari, P., Benkard, C. L., & Levin, J.
- Venue
- Econometrica
- Publisher
- The Econometric Society
- Published
- 2007-09
- Volume
- 75
- Issue
- 5
- Pages
- 1331-1370
- ISSN
- 0012-9682 (ISSN-L)
- 1468-0262
- OpenAlex
- W2793317277
- Cited by
- 836
- References
- 43
- FWCI
- 104.41
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
