The Econometric SocietyEdited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262
Econometrica: Jul, 1957, Volume 25, Issue 3
https://doi.org/0012-9682(195707)25:3<444:OPOEIL>2.0.CO;2-F
p. 444-455
F. E. A. Briggs
The problem of statistical estimation of the parameters of Leontief and other linear models is discussed. The discussion is based on the assumptions that in such interdependent models there is one variable which may be regarded more or less as exogenous and that the random errors may be effectively described by means of a normal probability distribution. It is found that in certain circumstances the least squares method of estimation when applied directly to these models gives rise to a large bias and underestimation of the random variation. Furthermore, the results differ the more from those obtained by maximum likelihood estimation the larger the degree of interdependence and the larger the relative importance of the residual variation in the models. The analysis assumes certain results of the theory of Leontief models and of simultaneous equations methods of estimation in particular and of the theory of statistical estimation and regression in general.
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.
