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What Have We Learned from Structural Models?

Blundell, R; (2017) What Have We Learned from Structural Models? American Economic Review , 107 (5) pp. 287-292. 10.1257/aer.p20171116. Green open access

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Abstract

A structural economic model is one where the structure of decision making is incorporated in the model specification. Structural models aim to identify three distinct, but related, objects: (i) structural "deep" parameters; (ii) underlying mechanisms; (iii) policy counterfactuals. The ability to provide counterfactual predictions sets structural models apart from reduced-form models. The focus is on studies that allow a better understanding of the mechanisms underlying observed behavior and that provide reliable insights about policy counterfactuals. Emphasis is given to models that minimize assumptions on the structural function and on unobserved heterogeneity and approaches that align structural and "reduced form" moments.

Type: Article
Title: What Have We Learned from Structural Models?
Open access status: An open access version is available from UCL Discovery
DOI: 10.1257/aer.p20171116
Publisher version: http://dx.doi.org/10.1257/aer.p20171116
Language: English
Additional information: This is the published version of record. For information on re-use, please refer to the publisher’s terms and conditions.
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Economics
URI: https://discovery.ucl.ac.uk/id/eprint/1560510
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