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Incorporating Quadratic Scale Curves in Inverse Demand Systems

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Author Info
 Beach, Robert H
Holt, Matthew T

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Abstract

In this paper we introduce inverse demand systems that include quadratic scale terms. These systems are similar to regular quadratic demand systems introduced by Howe, Pollak, and Wales. A unique feature of these specifications is that they maintain linear scale curves as a special case. For illustrative purposes we estimate the Normalized Quadratic Inverse Demand-Quadratic Scale System using monthly South Atlantic fish landings and valuation data, 1980-96. In estimation concavity is maintained locally, and the rank reduction procedures advocated by Diewert and Wales (1988) are employed. The estimated model is then used to obtain welfare estimates associated with catch restrictions. Copyright 2001 by American Agricultural Economics Association

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Article provided by American Agricultural Economics Association in its journal American Journal of Agricultural Economics.

Volume (Year): 83 (2001)
Issue (Month): 1 (February)
Pages: 230-45
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Handle: RePEc:bla:ajagec:v:83:y:2001:i:1:p:230-45

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References listed on IDEAS
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. Moschini, Giancarlo, 1998. "The semiflexible almost ideal demand system," European Economic Review, Elsevier, vol. 42(2), pages 349-364, February. [Downloadable!] (restricted)
  2. Eales, James S., 1994. "The Inverse Lewbel Demand System," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 19(01), July. [Downloadable!]
  3. Howe, Howard & Pollak, Robert A & Wales, Terence J, 1979. "Theory and Time Series Estimation of the Quadratic Expenditure System," Econometrica, Econometric Society, vol. 47(5), pages 1231-47, September. [Downloadable!] (restricted)
  4. Eales, James S. & Unnevehr, Laurian J., 1994. "The inverse almost ideal demand system," European Economic Review, Elsevier, vol. 38(1), pages 101-115, January. [Downloadable!] (restricted)
  5. Moschini, Giancarlo & Vissa, Anuradha, 1992. "A Linear Inverse Demand System," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 17(02), December. [Downloadable!]
  6. W. E. Diewert & T. J. Wales, 1993. "Linear and Quadratic Spline Models for Consumer Demand Functions," Canadian Journal of Economics, Canadian Economics Association, vol. 26(1), pages 77-106, February. [Downloadable!] (restricted)
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  7. Diewert, W E & Wales, T J, 1988. "Normalized Quadratic Systems of Consumer Demand Functions," Journal of Business & Economic Statistics, American Statistical Association, vol. 6(3), pages 303-12, July.
  8. Moschini, Giancarlo, 1998. "Semiflexible Almost Ideal Demand System, The," Staff General Research Papers 1193, Iowa State University, Department of Economics.
  9. Ryan, David L & Wales, Terence J, 1998. "A Simple Method for Imposing Local Curvature in Some Flexible Consumer-Demand Systems," Journal of Business & Economic Statistics, American Statistical Association, vol. 16(3), pages 331-38, July.
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  10. David L. Ryan & Terence J. Wales, 1999. "Flexible And Semiflexible Consumer Demands With Quadratic Engel Curves," The Review of Economics and Statistics, MIT Press, vol. 81(2), pages 277-287, May. [Downloadable!] (restricted)
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  11. 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. [Downloadable!] (restricted)
  12. Moschini, Giancarlo & Vissa, A., 2004. "Linear Inverse Demand System, A," Staff General Research Papers 11250, Iowa State University, Department of Economics.
  13. 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.
  14. Richard C. Bishop & Matthew T. Holt, 2002. "A semiflexible normalized quadratic inverse demand system: an application to the price formation of fish," Empirical Economics, Springer, vol. 27(1), pages 23-47. [Downloadable!] (restricted)
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Cited by:
(explanations, 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. Liu, Kang E., 2006. "A Quadratic Generalization of the Almost Ideal and Translog Demand Systems: An Application to Food Demand in Urban China," 2006 Annual meeting, July 23-26, Long Beach, CA 21387, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  2. Michele Baggio & Jean-Paul Chavas, 2006. "On the Consumer Value of Environmental Diversity," Working Papers 35, Università di Verona, Dipartimento di Scienze economiche. [Downloadable!]
  3. Park, Hoanjae & Thurman, Walter N. & Easley, J.E., Jr., 2004. "Modeling Inverse Demands For Fish: Empirical Welfare Measurement In Gulf And South Atlantic Fisheries," Marine Resource Economics, Marine Resources Foundation, vol. 19(3). [Downloadable!]
  4. Keith R. McLaren & K. K. Gary Wong, 2008. "The Benefit Function Approach to Modeling Price-Dependent Demand Systems: An Application of Duality Theory," Monash Econometrics and Business Statistics Working Papers 8/08, Monash University, Department of Econometrics and Business Statistics. [Downloadable!]
    Other versions:
  5. Vasiliki Fourmouzi & Margarita Genius & Vangelis Tzouvelekas, 2006. "The Demand for Organic, Integrated-Agriculture, and Conventional Fresh Vegetables: A Censored Inverse Almost Ideal Demand System," Working Papers 0618, University of Crete, Department of Economics. [Downloadable!]
  6. Gary K.K. Wong & Keith R. McLaren, 2002. "Regular and Estimable Inverse Demand Systems: A Distance Function Approach," Monash Econometrics and Business Statistics Working Papers 6/02, Monash University, Department of Econometrics and Business Statistics. [Downloadable!]
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