Samuelson'S Full Duality And The Use Of Directed Acyclical Graphs: The Birth Of Causally Identified Demand Systems
AbstractTo date, mixed demand systems have been all but ignored in empirical work. A possible reason for the scarcity of such applications is that one needs to know a priori which prices and quantities are endogenous in the mixed demand system. By using a directed acyclical graph (DAG), causal relationships among price and quantity variables are identified giving rise to a causally identified demand system (CIDS). A statistical comparison is made of the traditional Rotterdam model with a Rotterdam mixed demand system identified through the use of a DAG. In this analysis, the respective Rotterdam demand systems consist of five products: steak, ground beef, roast beef, pork, and chicken.
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Bibliographic InfoPaper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2004 Annual meeting, August 1-4, Denver, CO with number 19969.
Date of creation: 2004
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Demand and Price Analysis;
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- Moschini, GianCarlo & Vissa, A., 1993. "Flexible Specification of Mixed Demand Systems," Staff General Research Papers 11249, Iowa State University, Department of Economics.
- Chavas, Jean-Paul, 1984. "The theory of mixed demand functions," European Economic Review, Elsevier, vol. 24(3), pages 321-344, April.
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