Simultaneous Equations Bias in Disaggregated Econometric Models
指出，在竞争市场中，个体行为方程中价格的外生性存在语义混淆，联立性问题无法通过使用分解数据来消除，但分解解释变量可能带来显著收益。
In the theory of competitive markets agents act as if they do not affect prices. By analogy with the language of econometrics, agents may be said to take prices as "exogenously given", which suggests that prices are econometrically exogenous in individual behavioural equations. This involves semantic confusion between different meanings of the word "exogenous". Simultaneity problems cannot generally be dispelled by working with disaggregated data. In particular, nothing is gained by disaggregating the dependent variable in a regression equation if the "micro" and "macro" equations use the same regressors. However, there may be substantial gains from disaggregation of the regressors.