Estimating and Testing the Compensated Double-Log Demand Model

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Estimating and Testing the Compensated Double-Log Demand Model

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Alston, Julian M
Chalfant, James A
Piggott, Nicholas E

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Abstract

In spite of the proliferation of flexible functional forms for consumer demand systems, the double-log demand model continues to be popular, especially in applied work calling for single-equation models. It is usually estimated in uncompensated form. It can also be estimated in compensated form, by deflating the income variable alone using Stone's price index. The compensated form has the same right-hand side as a single-equation version of the popular linear approximation to the Almost Ideal demand model, facilitating the construction of a test for choosing between the two alternatives. This paper demonstrates these results, develops the specification test, and illustrates its application using US meat consumption data. Simulations suggest that the test is well-behaved with good power in typical applications. Copyright 2002 by Taylor and Francis Group

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Article provided by Taylor and Francis Journals in its journal Applied Economics.

Volume (Year): 34 (2002)
Issue (Month): 9 (June)
Pages: 1177-86
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Handle: RePEc:taf:applec:v:34:y:2002:i:9:p:1177-86

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Zheng, Yuqing & Kinnucan, Henry, 2004. "Does Advertising Rotate Demand Curves? Some Evidence For Us Non-Alcoholic Beverages," 2004 Annual meeting, August 1-4, Denver, CO 20391, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
Camilo Sarmiento & Richard E. Just, 2005. "Empirical modelling of the aggregation error in the representative consumer model," Applied Economics, Taylor and Francis Journals, vol. 37(10), pages 1163-1175, June. [Downloadable!] (restricted)
Zhou, Xia (Vivian) & Shaik, Saleem, 2008. "Demand Analysis for Shrimp in the United States," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6524, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
Germán Coloma, 2006. "Estimation of demand systems based on elasticities of substitution," CEMA Working Papers: Serie Documentos de Trabajo. 322, Universidad del CEMA. [Downloadable!]

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