An Error Correction Inverse Almost Ideal Demand System: Wholesale Demand for Fish Grades in Greece
AbstractInverse demand systems explain price variations as functions of quantity variations. This paper presents a dynamic inverse AIDS model based on recent developments on cointegration techniques and error correction model. The case of fish landed at Geek sea ports appears to suit this model well. The results indicate that the underlying distance function is homothetic while the own-quantity flexibilities suggest that the responses of price to own-quantity changes are inelastic. Finally, the results of cross-quantity uncompensated flexibilities suggest that the substitution possibilities among fish grades are rather limited. The Allais interaction intensities verified the substitutability among fish grades as well.
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Bibliographic InfoPaper provided by Agricultural University of Athens, Department Of Agricultural Economics in its series Working Papers with number 2009-07.
Date of creation: 2009
Date of revision:
Inverse demand systems; AIDS; error correction model; Fish demand; Greece;
Find related papers by JEL classification:
- D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
- C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
- C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
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- Anderson, G J & Blundell, R W, 1982. "Estimation and Hypothesis Testing in Dynamic Singular Equation Systems," Econometrica, Econometric Society, Econometric Society, vol. 50(6), pages 1559-71, November.
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