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Calibration of Incomplete Demand Systems in Quantitative Analysis, The

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Author Info
Beghin, John C.
Bureau, Jean-Christophe
Drogué, Sophie

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Abstract

We introduce an easily implemented and flexible calibration technique for partial demand systems, combining recent developments in incomplete demand systems and a set of restrictions conditioned on the available elasticity estimates. The technique accommodates various degrees of knowledge on cross-price elasticities, satisfies curvature restrictions, and allows the recovery of an exact welfare measure for policy analysis. The technique is illustrated with a partial demand system for food consumption in Korea for different states of knowledge on cross-price effects. The consumer welfare impact of food and agricultural trade liberalization is measured. Keywords: calibration, exact welfare measure, incomplete demand systems, policy analysis.

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Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 11771.

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Date of creation: 22 Apr 2004
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Publication status: Published in Applied Economics, May 2004, Vol. 8, No. 36, pp. 839-47.
Handle: RePEc:isu:genres:11771

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  1. Keller, Wouter J., 1984. "Some simple but flexible differential consumer demand systems," Economics Letters, Elsevier, vol. 16(1-2), pages 77-82. [Downloadable!] (restricted)
  2. Fang, Cheng & Beghin, John C., 2002. "Urban Demand for Edible Oils and Fats in China: Evidence from Household Survey Data," Journal of Comparative Economics, Elsevier, vol. 30(4), pages 732-753, December. [Downloadable!] (restricted)
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  3. Baltas, George, 2002. "An Applied Analysis of Brand Demand Structure," Applied Economics, Taylor and Francis Journals, vol. 34(9), pages 1171-75, June. [Downloadable!] (restricted)
  4. LaFrance, Jeffrey T., 1985. "Linear demand functions in theory and practice," Journal of Economic Theory, Elsevier, vol. 37(1), pages 147-166, October. [Downloadable!] (restricted)
  5. Deaton, Angus S & Muellbauer, John, 1980. "An Almost Ideal Demand System," American Economic Review, American Economic Association, vol. 70(3), pages 312-26, June. [Downloadable!] (restricted)
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  1. Beghin, John C. & Diop, Ndiame & Matthey, Holger, 2003. "Groundnut Trade Liberalization: Could the South Help the South?," Staff General Research Papers 10875, Iowa State University, Department of Economics. [Downloadable!]
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  2. John C. Beghin & Holger Matthey & Ndiame Diop & Mirvat Sewadeh, 2003. "Groundnut Trade Liberalization: A South-South Debate?," Center for Agricultural and Rural Development (CARD) Publications 03-wp347, Center for Agricultural and Rural Development (CARD) at Iowa State University. [Downloadable!]
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  3. John C. Beghin & Holger Matthey, 2003. "Modeling World Peanut Product Markets: A Tool for Agricultural Trade Policy Analysis," Center for Agricultural and Rural Development (CARD) Publications 03-wp332, Center for Agricultural and Rural Development (CARD) at Iowa State University. [Downloadable!]
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