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System Misspecification Testing And Structural Change In The Demand For Meats

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  • McGuirk, Anya M.
  • Driscoll, Paul J.
  • Alwang, Jeffrey Roger
  • Huang, Huilin

Abstract

A misspecification testing strategy designed to ensure that the statistical assumptions underlying a system of equations are appropriate is outlined. The system tests take into account information in, and interactions between, all equations in the system and can be used in a wide variety of applications where systems of equations are estimated. The system testing approach is demonstrated by modeling U.S. consumer demand for meats. The example illustrates how the approach can be used to disentangle issues regarding structural change and other forms of model misspecification.

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File URL: http://purl.umn.edu/30938
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Bibliographic Info

Article provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.

Volume (Year): 20 (1995)
Issue (Month): 01 (July)
Pages:

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Handle: RePEc:ags:jlaare:30938

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Web page: http://waeaonline.org/
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Related research

Keywords: Demand and Price Analysis;

References

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  1. Heien, Dale & Durham, Cathy, 1991. "A Test of the Habit Formation Hypothesis Using Household Data," The Review of Economics and Statistics, MIT Press, vol. 73(2), pages 189-99, May.
  2. Theil, Henri & Shonkwiler, J. S., 1986. "Monte Carlo tests of autocorrelation," Economics Letters, Elsevier, vol. 20(2), pages 157-160.
  3. Alston, Julian M. & Chalfant, James A., 1991. "Can We Take The Con Out Of Meat Demand Studies?," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 16(01), July.
  4. Spanos, Aris, 1990. "The simultaneous-equations model revisited : Statistical adequacy and identification," Journal of Econometrics, Elsevier, vol. 44(1-2), pages 87-105.
  5. LaFrance, Jeffrey T., 1991. "When Is Expenditure "Exogenous" In Separable Demand Models?," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 16(01), July.
  6. Deaton, Angus S & Muellbauer, John, 1980. "An Almost Ideal Demand System," American Economic Review, American Economic Association, vol. 70(3), pages 312-26, June.
  7. Godfrey,L. G., 1991. "Misspecification Tests in Econometrics," Cambridge Books, Cambridge University Press, number 9780521424592, October.
  8. Edgerton, David L., 1993. "On The Estimation Of Separable Demand Models," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 18(02), December.
  9. Anderson, Gordon & Blundell, Richard, 1983. "Testing Restrictions in a Flexible Dynamic Demand System: An Application to Consumers' Expenditure in Canada," Review of Economic Studies, Wiley Blackwell, vol. 50(3), pages 397-410, July.
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