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Consider the following set of simultaneous equations: (1)Y1t = α0 + α1Y2t + α2Y3t + α4X1t + υ1t (2)Y2t = β0 + β1Y1t + β2X1t + β3X2t + β4X3t + υ2t (3)Y3t = γ0 + γ1Y1t + υ3t Assume that the Y’s are endogenous and the X’s exogenous variables, and that the error terms are uncorrelated. Which of the following statement is true of equation (3)? According to the order condition, it is not identified According to the order condition, it is just identified According to the order condition, it is over-identified There is insufficient information given in the question to determine whether the equation is identified or not.

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