Var Eviews 7 Serial Number
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Efficiency also varies with equation size. The largest (NC-small) is amodel that has a weak limit optimality condition with equalities and inequalities. This model has 393 equations and 2144simulation periods. The second largest model (Use) appears to be a more typical nonstationary model with 50equations. The model has fewer periods than SC-small, but a much larger Jacobian dimension. Because the number ofequations equals the dimension of the Jacobian, E-Newton outperforms E-QNewton for this model.
If equations are taken out of an RE model, SC-small may be ill-posed, so we will discuss it first because it is important. The objective function for the SC-small model is 2)3 where is the logarithm of the value of delayed discounting in period 0. (Robbins (1951) provides a general discussion of the DRV model and its implications for discounting.) Desirability of a solution can be defined in terms of the difference between the actual value of delayed discounting and the corresponding objective function value. We will use the objective function value of the SC-small solution as our measure of "desirability".
At the end of period t the discounted value of options is the discounted value of income. The discounted value of income is the difference between this sum and the exogenously determined( )-equation. So the objective function is the variance of the difference between the endogenous and exogenous discounted values of income. Because the SC-small model has a single equation, the variance ofis 2). Because the endogenous values of income in periods 1 through T are independent of, independently distributed, random variables, the variance ofis the sum of two independent random variables whose variances are each and the sample variance of, so the variance ofis. Because is usually not very large, the optimum solution value is usually negative, so the optimized objective function value for SC-small is almost certainly negative. The snapshot of EViews 5 on the SC-small model, including the values plotted in Table 1 and the code to reproduce the results, is included in the EViews Reference Manual. The snapshot shows that the optimized objective function value when the model is relaxed to full-optimality (all unknowns set to zero) is about 6000. d2c66b5586