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ENDOGENOUS VARIABLES

Endogenous Variables can be defined as a classification of a variable that is generated by a statistical model that is explained by the relationships between functions within the model an example of this is the equilibrium price of a good in a supply and demand model because it is set by a producer in response to consumer demand.  It is considered the opposite of an exogenous variable.

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It is important in econometrics as well as in economic modeling because they show whether a variable causes a particular effect. Economists make use of causal modeling to explain outcomes that are dependent variables that are based on a variety of factors and determine to which extent a result can be attributed to an endogenous as well as an exogenous cause.

It is a dependent variable that is generated within a model.  The value of the variable is determined by one of the functional relationships in that model.

For example consumption as well as income is considered endogenous to a model of income determination. A factor in a causal model is determined by the states of other variables in the system. This can be classified as endogenous as well as exogenous only relative to a specification of a model representing the causal relationships producing the outcome y among a set of causal factors X (x_1, x₂, x_k) (y = M(X)).  

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A variable x_j is said to be endogenous within the causal model M if its value is influenced by one or more of the independent variables X.  It is a factor that is entirely determined by the states of other variables in the system and if the factor is purely endogenous, then, in theory, it could replace the occurrence of this factor with the functional form representing the composition of x_j as a function of X.  

In real causal systems, there can be a range of endogeneity, and factors within the system causally influence some factors.  So a given factor may be partially endogenous and partially exogenous.  This is partly but not wholly determined by the values of other variables in the model.

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