Detecting multiple equilibria for continuous dependent variables
针对连续因变量的结构方程，提出通过因变量密度函数的跳跃来检测多重均衡存在性的准则，为实证研究者判断模型是否具有多重均衡提供方法。
This article considers structural equations where continuous dependent variables are related to independent variables and unobservables through a nonparametric function. Multiple equilibria may arise when the structural equations admit multiple solutions. This article proposes a detecting criterion for the existence of multiple equilibria. The main finding is that multiple equilibria would reveal itself in the form of jump(s) in the density function of the dependent variables. When there is a unique equilibrium, the density function of dependent variables will be continuous, whereas when there are multiple equilibria, the density will have jump(s) under reasonable conditions.