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A System of Demand Equations Satisfying Effectively Global Regularity Conditions

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Author Info
Cooper, Russel J
McLaren, Keith R

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Abstract

A parametric specification of an indirect utility function in terms Oaf expenditure and two unit cost functions is proposed. Specification of these unit cost functions in terms of regular functions leads to the notion of an 'effectively globally regular' system of demand equations; that is, a system of demand equations that is regular over a cone in expenditure-price space, and for which the regular region includes all points in any given sample, and all values of nominal expenditure and prices generating higher values of real expenditure than the sample minimum. This general model nests a number of popular demand systems, such as the Linear Expenditure System, as special cases. An empirical application illustrates some of these ideas. Copyright 1996 by MIT Press.

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Publisher Info
Article provided by MIT Press in its journal Review of Economics & Statistics.

Volume (Year): 78 (1996)
Issue (Month): 2 (May)
Pages: 359-64
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Handle: RePEc:tpr:restat:v:78:y:1996:i:2:p:359-64

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  1. Maureen T. Rimmer & Alan A. Powell, 1992. "An Implicitly Directly Additive Demand System: Estimates for Australia," Centre of Policy Studies/IMPACT Centre Working Papers op-73, Monash University, Centre of Policy Studies/IMPACT Centre. [Downloadable!]
  2. Kurt Kratena & Michael Wüger & Gerold Zakarias, 2004. "Regularity and Long-run Dynamics in Consumer Demand Systems," WIFO Working Papers 217, WIFO. [Downloadable!]
  3. Barnett, William A. & Serletis, Apostolos, 2008. "Consumer preferences and demand systems," MPRA Paper 8413, University Library of Munich, Germany. [Downloadable!]
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  4. Douglas Fisher & Adrian R. Fleissig & Apostolos Serletis, 2001. "An empirical comparison of flexible demand system functional forms," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(1), pages 59-80. [Downloadable!]
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  5. Gary Wong & Qiao Yu, 2001. "Inverse Demand Systems for Composite Liquid Assets: Evidence from China," School of Economics and Finance Discussion Papers and Working Papers Series 097, School of Economics and Finance, Queensland University of Technology. [Downloadable!]
  6. 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!]
  7. Barnett, William A. & Seck, Ousmane, 2006. "Rotterdam vs Almost Ideal Models: Will the Best Demand Specification Please Stand Up?," MPRA Paper 417, University Library of Munich, Germany. [Downloadable!]
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  8. Bernt P. Stigum, 2000. "Rationality in Econometrics," Econometric Society World Congress 2000 Contributed Papers 0747, Econometric Society. [Downloadable!]
  9. Hans G. Bloemen & Arie Kapteyn, 2008. "The estimation of utility-consistent labor supply models by means of simulated scores," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 23(4), pages 395-422. [Downloadable!]
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  10. Jeffrey LaFrance & Rulon Pope, 2008. "The Generalized Quadratic Expenditure System," Working Papers 2008-27, School of Economic Sciences, Washington State University. [Downloadable!]
  11. Maureen T. Rimmer & Alan A. Powell, 1994. "Engel Flexibility in Household Budget Studies: Non-parametric Evidence versus Standard Functional Forms," Centre of Policy Studies/IMPACT Centre Working Papers op-79, Monash University, Centre of Policy Studies/IMPACT Centre. [Downloadable!]
  12. David C. Wheelock & Paul Wilson, 2009. "Robust, dynamic nonparametric benchmarking: the evolution of cost-productivity and efficiency among U.S. credit unions," Working Papers 2009-008, Federal Reserve Bank of St. Louis. [Downloadable!]
  13. Paul W. Wilson & Kathleen Carey, 2004. "Nonparametric analysis of returns to scale in the US hospital industry," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 19(4), pages 505-524. [Downloadable!]
  14. Barnett, William A. & Serletis, Apostolos, 2008. "Measuring Consumer Preferences and Estimating Demand Systems," MPRA Paper 12318, University Library of Munich, Germany. [Downloadable!]
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  15. Jeffrey LaFrance, 2008. "The Structure of US Food Demand," Working Papers 2008-10, School of Economic Sciences, Washington State University. [Downloadable!]
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  16. William A. Barnett & Ousmane Seck, 2008. "Rotterdam model versus almost ideal demand system: will the best specification please stand up?," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 23(6), pages 795-824. [Downloadable!]
  17. Denis Conniffe, 2004. "Generalised Translation of Indirect Utility Functions," Economics, Finance and Accounting Department Working Paper Series n1390804, Department of Economics, Finance and Accounting, National University of Ireland - Maynooth. [Downloadable!]
  18. W. Jill Harrison & K.R. Pearson & Alan A. Powell & E. John Small, 1993. "Solving Applied General Equilibrium Models Represented as a Mixture of Linearized and Levels Equation," Centre of Policy Studies/IMPACT Centre Working Papers ip-61, Monash University, Centre of Policy Studies/IMPACT Centre. [Downloadable!]
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