Multiple local optima for seemingly unrelated regression models Online publication date: Mon, 30-Nov-2015
by Norman K. Womer
International Journal of Computational Economics and Econometrics (IJCEE), Vol. 6, No. 1, 2016
Abstract: This paper provides an example of multiple local maxima to the likelihood function for a seemingly unrelated regression (SUR) model with a cross equation restriction. Since this is the least complex of the various structural equations models (SEM) and since maximum likelihood is often the preferred technique for SEM the problem of multiple local maxima is expected to be pervasive.
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