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Question above, I have a very rudimentary understanding of econometrics.

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    $\begingroup$ lucho's comment: possible duplicate of my comment >:((((( .... :P $\endgroup$
    – Kitsune Cavalry
    Commented Sep 3, 2017 at 17:06
  • $\begingroup$ @luchonacho Thanks for the heads up on the dupe. I thought preferences was rather a separate topic. $\endgroup$
    – EconJohn
    Commented Sep 3, 2017 at 17:57

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An endogenous variable is one whose value determined within the model. Exogenous variables are those variables whose values are determined by influences outside the model.

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