The Econometric SocietyEdited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262
Econometrica: Oct, 1958, Volume 26, Issue 4
https://doi.org/0012-9682(195810)26:4<566:SEBITC>2.0.CO;2-U
p. 566-578
Irving Hoch
The problem of simultaneous equation bias is examined in the context of the Cobb-Douglas production function and firm decision functions, assuming competition. Two extreme models are specified, depending on the nature of the disturbances in the relations. In one model, simultaneous equation bias does not occur; in the other model, it does occur. Asymptotic "least squares" estimates (estimates that would be obtained given an infinite sample) are presented for the latter case. In this case, (1) corrections for the bias of least squares estimates are derived for some specifications, (2) it is shown that there exists a fairly pronounced tendency for the least squares estimated elasticity sum to approach one, regardless of the true value of the elasticities.
March 5, 2024
The terms of the Editors of the Econometric Society's three journals end June 30, 2025. We are pleased to announce the incoming Editors and to thank the outgoing Editors for their excellent and continuing service.
Econometrica: Since 2019, Guido Imbens has served as the 14th Editor of Econometrica. On July 1, 2025, Marina Halac will become the Editor.
Quantitative Economics: Stéphane Bonhomme has been the Editor of Quantitative Economics since 2021. His successor will be Bernard Salanié.
Theoretical Economics: The Editor of Theoretical Economics since 2021 has been Simon Board. Taking over for him in July 2025 will be Federico Echenique.
Guido, Stéphane, and Simon have been outstanding Editors. We are grateful to them for the work they have done and will continue to do, and we look forward to further congratulating them next year. We believe Marina, Bernard, and Federico will be outstanding successors and we thank them in advance for their service.
Finally, we are grateful to Larry Samuelson for chairing all three search committees, and we thank the search committee members for their hard and fruitful work:
Econometrica: Christian Dustmann, Lars Hansen, Alessandro Lizzeri, George Mailath, Ariel Pakes, Helene Rey, and Elie Tamer.
QE: Kate Ho, Michael Keane, Felix Kubler, Whitney Newey, and Frank Schorfheide.
TE: Jeff Ely, Johannes Horner, Gilat Levy, Meg Meyer, and Ran Spiegler.
