Abstract
ABSTRACTRecent years have witnessed an increasing use of econometric analysis in arms race studies. The present article reviews this past and the potential future contribution of econometrics to arms race research and concludes that so far the main impact of the new approach has been on efforts at parameter estimation. Therefore, a number of problems typically arising in the application of econometric techniques to the estimation of arms race models from empirical time series data are discussed, and the need for a thorough investigation of the small‐sample properties of the results of common procedures is demonstrated. Finally, the considerable potential of econometrics for refining current arms race models is illustrated in the context of asymmetric response and distributed lag hypotheses.
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