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An Examination of Inverse Demand Models: An Application to the U.S. Crawfish Industry

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  • Lee, Young-Jae
  • Kennedy, P. Lynn
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    Abstract

    This study analyzes quantity impacts of imported crawfish tailmeat on Louisiana crawfish tailmeat prices, and demonstrates the statistical validity and proper interpretation of cross substitution within inverse demand systems. Among five inverse demand systems, the Differential Inverse National Bureau of Research (DINBR) model shows no violation of econometric assumptions for the data analyzed. By using Allais coefficients proposed by Barten and Bettendorf (1989), we show substitutability among the five fish species.

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    Bibliographic Info

    Article provided by Northeastern Agricultural and Resource Economics Association in its journal Agricultural and Resource Economics Review.

    Volume (Year): 37 (2008)
    Issue (Month): 2 (October)
    Pages:

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    Handle: RePEc:ags:arerjl:45661

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    Web page: http://www.narea.org/
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    Related research

    Keywords: inverse demand systems; statistical validity; Allais coefficients; Demand and Price Analysis;

    References

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    1. Thurman, Walter N, 1986. "Endogeneity Testing in a Supply and Demand Framework," The Review of Economics and Statistics, MIT Press, vol. 68(4), pages 638-46, November.
    2. Hausman, Jerry A, 1978. "Specification Tests in Econometrics," Econometrica, Econometric Society, vol. 46(6), pages 1251-71, November.
    3. McGuirk, Anya M. & Driscoll, Paul J. & Alwang, Jeffrey Roger & Huang, Huilin, 1995. "System Misspecification Testing And Structural Change In The Demand For Meats," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 20(01), July.
    4. K. K. Gary Wong & Keith R. McLaren, 2005. "Specification and Estimation of Regular Inverse Demand Systems: A Distance Function Approach," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 87(4), pages 823-834.
    5. Wu, De-Min, 1973. "Alternative Tests of Independence Between Stochastic Regressors and Disturbances," Econometrica, Econometric Society, vol. 41(4), pages 733-50, July.
    6. Barten, A. P. & Bettendorf, L. J., 1989. "Price formation of fish : An application of an inverse demand system," European Economic Review, Elsevier, vol. 33(8), pages 1509-1525, October.
    7. Brown, Mark G & Lee, Jonq-Ying & Seale, James L, Jr, 1995. "A Family of Inverse Demand Systems and Choice of Functional Form," Empirical Economics, Springer, vol. 20(3), pages 519-30.
    8. James Eales & Catherine Durham & Cathy R. Wessells, 1997. "Generalized Models of Japanese Demand for Fish," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(4), pages 1153-1163.
    9. Toshinobu Matsuda, 2005. "Forms of Scale Curves and Differential Inverse Demand Systems," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 87(3), pages 786-795.
    10. Laitinen, Kenneth & Theil, Henri, 1979. "The Antonelli matrix and the reciprocal Slutsky matrix," Economics Letters, Elsevier, vol. 3(2), pages 153-157.
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    Cited by:
    1. Lee, Young-Jae & Kennedy, P. Lynn, 2013. "Quantity And Exchange Rate Effects On U.S. Trout Prices," 2013 Annual Meeting, February 2-5, 2013, Orlando, Florida 142133, Southern Agricultural Economics Association.

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