Economics · Simultaneous Equations Models
In the context of simultaneous equations econometric models, consider the following statements: (i) Both order and rank conditions for identification must be satisfied before estimation. (ii) The order condition is a necessary but not a sufficient condition for identification. (iii) The Two-Stage Least Squares (2SLS) method is suitable for over-identified equations. Which of the above statements are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Only (ii)
- 2(i) and (iii)
- 3(i), (ii) and (iii)✓
- 4Only (i)
Correct answer
(i), (ii) and (iii)
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