You are right. Actually, I tried PROC MODEL, and this is my code: proc model data=test noprint; by stkcd; ENDOGENOUS re; fit price=BPS+BPS*(ROE1-re)/(1+re)+BPS1*(ROE2-re)/((1+re)**2)+BPS2*(ROE3-re)/((1+re)**3); /* just for test, some items are not included*/ solve re / out=asd; quit; But this does not work. The log info shows, there is problem with"fit" and ;, /, DROP, INIT, INITIAL, KEEP, PARMS, START, _ALL_, _CHARACTER_, _CHAR_, _NUMERIC_. are expected. Well, it's my first time to use proc model, and I really get confused on this procedure.
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