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Share Equations versus Double Logarithmic Functions in the Estimation of Income, Own- and Cross-Price Elasticities

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  • Stavrev, Emil

    (CERGE-EI, Czech Republic)

  • Kambourov, Gueorgui

    (CERGE-EI, Czech Republic)

Abstract

In this paper, we compare the results obtained by using double logarithmic demand functions with the one obtained by using functions that relate budget shares to the logarithms of prices and incomes in order to estimate income elasticities and own- and cross-price elasticities for a number of categories of goods. The share equation functional form allows us to model households which do not purchase all goods and estimate unconditional demands that are of interest for policy purposes. We report income elasticities and own- and cross-price elasticities for eight goods for 1993. We compare these estimates with those obtained by using the double logarithmic demand specification.

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File URL: http://www.ihs.ac.at/publications/tec/te-7.pdf
File Function: First version, 1999
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Bibliographic Info

Paper provided by Institute for Advanced Studies in its series Transition Economics Series with number 7.

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Length: 13 pages
Date of creation: Mar 1999
Date of revision:
Handle: RePEc:ihs:ihstep:7

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Related research

Keywords: Own- and Cross-Price Elasticities; Income Elasticities; Unit Values; Quality Effects; Transition;

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References

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  1. Magnus, Jan R. & Neudecker, H., 1986. "Symmetry, 0-1 Matrices and Jacobians: A Review," Econometric Theory, Cambridge University Press, vol. 2(02), pages 157-190, August.
  2. Deaton, Angus, 1987. "Estimation of own- and cross-price elasticities from household survey data," Journal of Econometrics, Elsevier, vol. 36(1-2), pages 7-30.
  3. Magnus, J.R. & Neudecker, H., 1986. "Symmetry, 0-1 matrices and Jacobians: A review," Open Access publications from Tilburg University urn:nbn:nl:ui:12-153216, Tilburg University.
  4. L. Wade, 1988. "Review," Public Choice, Springer, vol. 58(1), pages 99-100, July.
  5. Jarque, Carlos M., 1987. "An application of LDV models to household expenditure analysis in Mexico," Journal of Econometrics, Elsevier, vol. 36(1-2), pages 31-53.
  6. Stavrev, Emil & Kambourov, Gueorgui, 1999. "Estimation of Income, Own- and Cross-Price Elasticities. An Application for Bulgaria," Transition Economics Series 6, Institute for Advanced Studies.
  7. Deaton, Angus, 1990. "Price elasticities from survey data : Extensions and Indonesian results," Journal of Econometrics, Elsevier, vol. 44(3), pages 281-309, June.
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