“…SUR models take the underlying covariance structure of the error terms across equations into account. Applications in econometrics and related fields include demand and supply models (Kotakou, 2011;Martin et al, 2007), capital asset pricing models (Hodgson et al, 2002;Pástor and Stambaugh, 2002), chain ladder models (Hubert et al, 2017;Zhang, 2010), vector autoregressive models (Wang, 2010), household consumption and expenditure models (Kuson et al, 2012;Lar et al, 2011), environmental sciences (Olaolu et al, 2011;Zaman et al, 2011), natural sciences (Cadavez and Henningsen, 2012;Hasenauer et al, 1998) and many more.…”