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A Simple Method for Imposing Local Curvature in Some Flexible Consumer-Demand Systems

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Author Info
Ryan, David L
Wales, Terence J

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Abstract

The authors introduce a procedure for imposing curvature conditions locally in a class of flexible demand systems. Aside from the simplicity of the procedure, a major advantage is that flexibility is maintained. The authors illustrate the technique by estimating three flexible demand systems--the normalized quadratic, the almost ideal, and the linear translog--using highly aggregated Canadian data for the period 1947 through 1993. When curvature is not imposed, these demand systems violate the appropriate curvature conditions at every data point. When curvature is imposed, curvature conditions are satisfied not only at the point of imposition but at every data point.

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Publisher Info
Article provided by American Statistical Association in its journal Journal of Business and Economic Statistics.

Volume (Year): 16 (1998)
Issue (Month): 3 (July)
Pages: 331-38
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Handle: RePEc:bes:jnlbes:v:16:y:1998:i:3:p:331-38

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Barnett, William A. & Jonas, Andrew B., 1983. "The Muntz-Szatz demand system : An application of a globally well behaved series expansion," Economics Letters, Elsevier, vol. 11(4), pages 337-342. [Downloadable!] (restricted)
  2. Caves, Douglas W & Christensen, Laurits R, 1980. "Global Properties of Flexible Functional Forms," American Economic Review, American Economic Association, vol. 70(3), pages 422-32, June. [Downloadable!] (restricted)
  3. Diewert, Walter E & Wales, Terence J, 1987. "Flexible Functional Forms and Global Curvature Conditions," Econometrica, Econometric Society, vol. 55(1), pages 43-68, January. [Downloadable!] (restricted)
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  4. Moschini, Giancarlo, 1998. "The semiflexible almost ideal demand system," European Economic Review, Elsevier, vol. 42(2), pages 349-364, February. [Downloadable!] (restricted)
  5. Chalfant, James A. & Gray, Richard S., 1989. "Evaluating prior beliefs in a demand system : the case of Meats demand in Canada," CUDARE Working Paper Series 483, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy.
  6. Koop, Gary & Osiewalski, Jacek & Steel, Mark F J, 1994. "Bayesian Efficiency Analysis with a Flexible Form: The AIM Cost Function," Journal of Business & Economic Statistics, American Statistical Association, vol. 12(3), pages 339-46, July.
  7. Chalfant, James A, 1987. "A Globally Flexible, Almost Ideal Demand System," Journal of Business & Economic Statistics, American Statistical Association, vol. 5(2), pages 233-42, April.
  8. Barnett, William A., 1985. "The minflex-laurent translog flexible functional form," Journal of Econometrics, Elsevier, vol. 30(1-2), pages 33-44. [Downloadable!] (restricted)
  9. Deaton, Angus S & Muellbauer, John, 1980. "An Almost Ideal Demand System," American Economic Review, American Economic Association, vol. 70(3), pages 312-26, June. [Downloadable!] (restricted)
  10. Jorgenson, Dale W. & Lau, Lawrence J., 1979. "The integrability of consumer demand functions," European Economic Review, Elsevier, vol. 12(2), pages 115-147, April. [Downloadable!] (restricted)
  11. Gallant, A. Ronald & Golub, Gene H., 1984. "Imposing curvature restrictions on flexible functional forms," Journal of Econometrics, Elsevier, vol. 26(3), pages 295-321, December. [Downloadable!] (restricted)
  12. Terrell, Dek, 1996. "Incorporating Monotonicity and Concavity Conditions in Flexible Functional Forms," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 11(2), pages 179-94, March-Apr. [Downloadable!] (restricted)
  13. William A. Barnett & Milka Kirova & Meenakshi Pasupathy, 1996. "Technology Modeling: Curvature is not Sufficient for Regularity," Econometrics 9602002, EconWPA, revised 24 Jun 1999. [Downloadable!]
  14. Barnett, William A & Lee, Yul W, 1985. "The Global Properties of the Miniflex Laurent, Generalized Leontief, and Translog Flexible Functional Forms," Econometrica, Econometric Society, vol. 53(6), pages 1421-37, November. [Downloadable!] (restricted)
  15. Barnett, William A. & Lee, Yul W. & Wolfe, Michael, 1987. "The global properties of the two minflex Laurent flexible functional forms," Journal of Econometrics, Elsevier, vol. 36(3), pages 281-298, November. [Downloadable!] (restricted)
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