A test of a disequilibrium model Academic Article uri icon


  • It is shown that an equilibrium model can be written as a nested hypothesis of a disequilibrium model in the sense that the former restricts parameter variations over time. It is then suggested to use the stability tests proposed in the literature for the test of a disequilibrium hypothesis. Fair's (1972) monthly housing market model is used for an empirical illustration, and a sampling experiment is also conducted. © 1980.

author list (cited authors)

  • Hwang, H.

citation count

  • 12

publication date

  • April 1980