Imposing Local Curvature Conditions in Flexible Demand System
AbstractBy reparameterizing the basic translog and the log translog demand systems and exploiting the fact that the Slutsky matrix must be negative semidefinite but cannot he negative definite, it is shown that a recently proposed simple procedure to maintain locally the curvature property of consumer theory can be applied to these popular translog models as well. The proposed procedure can also be applied to other demand-system specifications such as, for example, the nonseparable generalized linear expenditure system.
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Bibliographic InfoPaper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 1745.
Date of creation: 30 Sep 1999
Date of revision:
Publication status: Published in Journal of Business & Economic Statistics, October 1999, vol. 17, pp. 487-490
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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
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Web page: http://www.econ.iastate.edu
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Other versions of this item:
- Moschini, Giancarlo, 1999. "Imposing Local Curvature Conditions in Flexible Demand Systems," Journal of Business & Economic Statistics, American Statistical Association, vol. 17(4), pages 487-90, October.
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