Three-Stage Least Squares: Simultaneous Estimation of Simultaneous Equations

Zellner, Arnold; Theil, Henri

doi:10.1007/978-94-011-2546-8_10

Cited by 443 publications

(330 citation statements)

References 2 publications

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“…With respect to the compliance indices ( Zellner and Theil (1962) for a detailed treatment of 3SLS. 27 For a comprehensive analysis of the determinants of IMF programs and loans employing yearly data see Sturm, Berger and de Haan (2004).…”

Section: Empirical Estimatesmentioning

confidence: 99%

IMF and economic growth: The effects of programs, loans, and compliance with conditionality

2006

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may AbstractIn theory, the IMF could influence economic growth via several channels, among them advice to policy makers, money disbursed under its programs, and its conditionality. This paper tries to disentangle those effects empirically. Using panel data for 98 countries over the period 1970-2000 it analyzes whether IMF involvement influences economic growth in program countries. Consistent with the results of previous studies, it is shown that IMF programs reduce growth rates when their endogeneity is accounted for. There is only weak evidence that compliance with conditionality mitigates this negative effect. IMF loans have no statistically significant impact.

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Section: Empirical Estimatesmentioning

confidence: 99%

IMF and economic growth: The effects of programs, loans, and compliance with conditionality

2006

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“…This research is just a first step in that direction. Zellner and Theil (1962) How stable are the model parameters?…”

Section: Conclusion and Avenues For Future Researchmentioning

confidence: 99%

Moving from Free to Fee: How Online Firms Market to Change Their Business Model Successfully

Pauwels

Weiss

2008

Journal of Marketing

124

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Moving from free to 'free & fee' for any product or service represents a challenge to managers, especially when consumers have plenty of free alternatives. For one online content provider, this paper examines (1) the sources of long-run revenue loss (through attracting fewer free subscribers) and (2) how the firm's marketing actions affect its revenue gains (through attracting paid subscribers). The authors quantify revenue loss from several sources, including the direct effects of charging for part of the online content and the reduced effectiveness of search engine referrals and emails. Their analysis suggests several managerial implications. First, managers should focus their price promotions towards stimulating new monthly subscriptions, instead of the current promotional focus on stimulating new yearly contracts. In contrast, email and search engine referrals appear very effective at generating yearly subscriptions. Meanwhile, 'free to fee' conversion email blasts are a double-edged sword: they increase subscription revenue at the expense of advertising revenue. Finally, further analysis shows the move was preceded by the build-up of momentum in new free subscriptions, which appears beneficial for the move's success. The decomposition and comparison of the sources of revenue loss versus gains reveals several tradeoffs facing companies moving from free to 'free & fee'.Keywords: from free to fee, online content, price, marketing communication, searchengine referrals, time series analysis, vector-autoregressive models. IntroductionA decade ago, Peterson, Balasubramanian, and Bronnenberg (1997) A prominent fear among content providers is the likely loss of customers to the many still free competitors. Moreover, the impact of marketing actions to stimulate paid subscriptions is uncertain given the general consensus among web surfers that "content is free" (Dyson 1995). Empirical findings on these issues are scarce, as firms feel uneasy sharing data with academic researchers for confidentiality and competitive reasons. When The NY Times moved to a paid version of its editorial pages, one reader commented, "The only thing the NYTimes will achieve is a reduced readership for its writers. No one will, nor should we, pay for online content. It's a big, free web out there."The ultimate abandonment of the payment system (on September 19, 2007) appears to vindicate these arguments, and illustrates the challenge content providers face online.In sum, despite high managerial importance, little empirical research has addressed the following questions facing companies moving from free to 'free & fee': 1) What are the long-run performance effects of such a move?In particular, what are the sources of revenue loss that may offset the revenue gains from user fees?2) What role do marketing actions play in the free-and fee-user response? In particular, which actions are especially successful in increasing free and fee subscriptions, for both short-term and long-term contracts?This research aims to shed light on these issues by fo...

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“…It is assumed that the dependent variables are endogenous and each dependent variable appears on the right hand side of the equations for the other three dependent variables. In order to estimate such a system of equations, a three-stage least squares approach is utilised (Zellner and Theil, 1962). Carter (1994) defines workers such as managers, who are not directly involved in production as 'agents of change'.…”

Section: Methodsologymentioning

confidence: 99%

Culture, entrepreneurship and uneven development: a spatial analysis

Huggins

Thompson

2014

Entrepreneurship & Regional Development

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Interest in the proposed connection between culture and entrepreneurship has grown significantly in recent years. However, less attention has been given to the nature of the overall impact of this proposed association on development outcomes, particularly at a local level. In response, this paper analyses the relationship between the nature of the culture, entrepreneurship and development experienced across localities, proposing that the link between culture and development is mediated by entrepreneurship. It focuses upon the concept of community culture, as well as embracing a notion of development incorporating both economic and social well-being outcomes. Drawing upon a multivariate spatial analysis of data from localities in Great Britain, the findings indicate that differences in rates of entrepreneurship are strongly influenced by the community culture present in these localities. Furthermore, a bidirectional relationship is found to exist between entrepreneurship and economic and social development outcomes. It is concluded that the embeddedness of local community culture presents a significant challenge for those places seeking to promote entrepreneurially-driven development.

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Three-Stage Least Squares: Simultaneous Estimation of Simultaneous Equations

Cited by 443 publications

References 2 publications

IMF and economic growth: The effects of programs, loans, and compliance with conditionality

IMF and economic growth: The effects of programs, loans, and compliance with conditionality

Moving from Free to Fee: How Online Firms Market to Change Their Business Model Successfully

Culture, entrepreneurship and uneven development: a spatial analysis

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