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In estimation, observed values of endogenous variables are used. When those are replaced with predicted values in simulation, there are really large changes in equilibrium prices and location choices, even when no changes to supply or amenities have been imposed.
The text was updated successfully, but these errors were encountered:
In estimation, observed values of endogenous variables are used. When those are replaced with predicted values in simulation, there are really large changes in equilibrium prices and location choices, even when no changes to supply or amenities have been imposed.
The text was updated successfully, but these errors were encountered: