Deriving a Flexible Mixed Demand System: The Normalized Quadratic Model
AbstractThis article deals with the specification of a locally flexible and theory-consistent system of mixed demand functions, a framework that allows for a rich set of possibilities about what is assumed as exogenous in a demand model. A coherent mixed demand system is derived by using the restricted expenditure function typically studied in the related area of rationed demands. The method is implemented by a new normalized quadratic (NQ) parameterization of the restricted expenditure function. The resulting NQ mixed demand system is illustrated with an application to a nine-good model of the Italian demand for vegetables.
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Bibliographic InfoPaper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 12747.
Date of creation: 01 Nov 2007
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Publication status: Published in American Journal of Agricultural Economics, November 2007, vol. 89 no. 4, pp. 1034-1045
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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
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Web page: http://www.econ.iastate.edu
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Other versions of this item:
- GianCarlo Moschini & Pier Luigi Rizzi, 2007. "Deriving a Flexible Mixed Demand System: The Normalized Quadratic Model," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 89(4), pages 1034-1045.
- NEP-ALL-2008-01-05 (All new papers)
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- Färe, Rolf & Grosskopf, Shawna & Hayes, Kathy J. & Margaritis, Dimitris, 2008. "Estimating demand with distance functions: Parameterization in the primal and dual," Journal of Econometrics, Elsevier, vol. 147(2), pages 266-274, December.
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