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The semiflexible almost ideal demand system

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  • Moschini, Giancarlo

Abstract

The concept of a semiflexible functional form is applied to the almost ideal demand system. This yields a demand model that is more parsimonious than standard ones while preserving a degree of flexibility, that satisfies the curvature property of concavity of the underlying expenditure function (at least locally), and that preserves the desirable properties of the almost ideal model--aggregation across consumers and nonlinearity of the Engel curves. The model is illustrated with an application to a relatively large demand system emphasizing food consumption.
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  • Moschini, Giancarlo, 1998. "The semiflexible almost ideal demand system," European Economic Review, Elsevier, vol. 42(2), pages 349-364, February.
    • Handle: RePEc:eee:eecrev:v:42:y:1998:i:2:p:349-364
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