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The Benefit Function Approach to Modeling Price-Dependent Demand Systems: An Application of Duality Theory

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Keith R. McLaren
K. K. Gary Wong

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Abstract

In this article, we advocate more extensive use of the benefit function in specifying price-dependent or inverse demand models. We demonstrate how duality theory may be used to establish the interrelationships between the Marshallian (or Hicksian) inverse demands and Luenberger's adjusted price functions, allowing estimable inverse demands to be derived directly from a benefit function. We estimate two systems of inverse demands for Japanese quarterly fish consumption. Results indicate that the procedures and methods employed here appear promising, and may prove beneficial for quantity and welfare analysis when modeling systems of inverse demand functions. Copyright Copyright 2009 Agricultural and Applied Economics Association.

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

Volume (Year): 91 (2009)
Issue (Month): 4 (November)
Pages: 1110-1123
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Handle: RePEc:bla:ajagec:v:91:y:2009:i:4:p:1110-1123

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  1. Chambers, Robert G. & Chung, Yangho & Fare, Rolf, 1996. "Benefit and Distance Functions," Journal of Economic Theory, Elsevier, vol. 70(2), pages 407-419, August. [Downloadable!] (restricted)
  2. Lewbel, Arthur, 1991. "The Rank of Demand Systems: Theory and Nonparametric Estimation," Econometrica, Econometric Society, vol. 59(3), pages 711-30, May. [Downloadable!] (restricted)
  3. Beach, Robert H & Holt, Matthew T, 2001. " Incorporating Quadratic Scale Curves in Inverse Demand Systems," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 83(1), pages 230-45, February. [Downloadable!] (restricted)
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  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. Deaton, Angus, 1979. "The Distance Function in Consumer Behaviour with Applications to Index Numbers and Optimal Taxation," Review of Economic Studies, Blackwell Publishing, vol. 46(3), pages 391-405, July. [Downloadable!] (restricted)
  6. Pollak, Robert A. & Wales, Terence J., 1991. "The likelihood dominance criterion : A new approach to model selection," Journal of Econometrics, Elsevier, vol. 47(2-3), pages 227-242, February. [Downloadable!] (restricted)
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  7. Moschini, Giancarlo & Moro, Daniele, 1994. "Autocorrelation specification in singular equation systems," Economics Letters, Elsevier, vol. 46(4), pages 303-309, December. [Downloadable!] (restricted)
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  8. Holt, Matthew T., 2002. "Inverse demand systems and choice of functional form," European Economic Review, Elsevier, vol. 46(1), pages 117-142, January. [Downloadable!] (restricted)
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