Everything about Endogeneity Economics totally explained
In an
economic model, an
endogenous change is one that comes from inside the model and is
explained by the model itself.
Endogeneity is the degree to which a variable's value can be explained by the model.
For example, in the simple
supply and demand model, suppose that there's a change in
consumer tastes or
preferences; this would be an
exogenous change on the
demand curve. However, the change in
equilibrium price resulting can now be derived given only the supplied (exogenous) variables, and is an
endogenous output of the model. Therefore, the price variable has total endogeneity in this model (once the demand and supply curves are known).
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