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An Empirically Oriented Demand System with Improved Regularity Properties

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Author Info
Russel J. Cooper
Keith R. McLaren

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Abstract

While the almost ideal demand system has received increasing attention in empirical studies of consumer demand, the fact that the underlying PIGLOG cost function is not globally regular has often led to violation of negative semidefiniteness in the estimated Slutsky matrix. This paper suggests a modification to the PIGLOG class of preferences, termed MPIGLOG, which preserves regularity in a wider region of expenditure-price space. In an empirical section, the almost ideal demand system special case of PIGLOG is compared with the analogous special case of MPIGLOG, which the authors term MAIDS. The comparison demonstrates the improved regularity features of MAIDS.

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Publisher Info
Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 25 (1992)
Issue (Month): 3 (August)
Pages: 652-68
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Handle: RePEc:cje:issued:v:25:y:1992:i:3:p:652-68

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  17. Maureen T. Rimmer & Alan A. Powell, 1992. "Demand Patterns Across the Development Spectrum: Estimates for the AIDADS System," Centre of Policy Studies/IMPACT Centre Working Papers op-75, Monash University, Centre of Policy Studies/IMPACT Centre. [Downloadable!]
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  19. K. K. Gary Wong, 2003. "Towards a more general approach to testing the time additivity hypothesis," Applied Economics, Taylor and Francis Journals, vol. 35(16), pages 1729-1738, November. [Downloadable!] (restricted)
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