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Consumer Demand—Empirical Analysis II

In: Market Interrelationships and Applied Demand Analysis

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  • Michael K. Wohlgenant

    (North Carolina State University)

Abstract

This chapter focuses on empirical application of the system of demand functions approach using the Rotterdam model (RM) and Almost Ideal Demand System (AIDS). Attention is given to the nature of the data sets typically available for use in time series analysis. I discuss issues involved in implementation and interpretation using data sets created for estimation of US demand for meats. In the process, an evaluation is made of the relative performance of the RM and AIDS models. Both conditional and unconditional demand elasticities are estimated using results from two-stage budgeting in Chapter 3 . Extensions of the analysis to imposing negative definiteness are indicated. Other data sets besides USDA disappearance are discussed.

Suggested Citation

  • Michael K. Wohlgenant, 2021. "Consumer Demand—Empirical Analysis II," Palgrave Studies in Agricultural Economics and Food Policy, in: Market Interrelationships and Applied Demand Analysis, chapter 0, pages 55-77, Palgrave Macmillan.
    • Handle: RePEc:pal:psachp:978-3-030-73144-1_5
    DOI: 10.1007/978-3-030-73144-1_5
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