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Consumer preferences and demand systems

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Author Info
Barnett, William A.
Serletis, Apostolos

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Abstract

This paper is an up-to-date survey of the state-of-the-art in consumer demand modelling. We review and evaluate advances in a number of related areas, including different approaches to empirical demand analysis, such as the differential approach, the locally ‡flexible functional forms approach, the semi-nonparametric approach, and a nonparametric approach. We also address estimation issues, including sampling theoretic and Bayesian estimation methods, and discuss the limitations of the currently common approaches. We also highlight the challenge inherent in achieving economic regularity, for consistency with the assumptions of the underlying neoclassical economic theory, as well as econometric regularity, when variables are nonstationary.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 8413.

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Date of creation: 22 Apr 2008
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Handle: RePEc:pra:mprapa:8413

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Related research
Keywords: Representative consumer Engel curves rank flexible functional forms parametric tests nonparametric tests theoretical regularity

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Find related papers by JEL classification:
C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Semiparametric and Nonparametric Methods
C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
C30 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - General
C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Bayesian Analysis

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