On the Efficiency of Three-Stage Least-Squares Estimation.
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A discussion of a recent contribution to an estimation of the coefficients of a system of simultaneous linear equations in economics, namely the three-stage least-squares procedure of Zellner and Theil. The author points out the relationship between this procedure and the method of instrumental variables, thus simplifying the exposition of the procedure. He further shows that the procedure yields best asymptotically normal (BAN) estimates. The Memorandum is of particular interest to econometricians and of general interest to statisticians. 22 pp
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