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Incomplete Demand Systems And Semilogarithmic Demand Models

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  • LaFrance, Jeffrey T.

Abstract

The methodology of LaFrance and Hanemann for analysing the structure of incomplete demand systems is applied to models that are linear or logarithmic in quantities, prices and/or income. The structure of each model is presented when the implications of consumer choice theory are satisfied. The usefulness of the approach is illustrated. It is shown that considerable prior information is obtained from the theory of consumer choice when it is applied to this set of functional forms for demand equations.

Suggested Citation

  • LaFrance, Jeffrey T., 1990. "Incomplete Demand Systems And Semilogarithmic Demand Models," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 34(02), August.
  • Handle: RePEc:ags:ajaeau:22442
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    References listed on IDEAS

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    1. Jeffrey T. LaFrance & Harry de Gorter, 1985. "Regulation in a Dynamic Market: The U.S. Dairy Industry," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 67(4), pages 821-832.
    2. Theil, Henri, 1971. "An Economic Theory of the Second Moments of Disturbances of Behavioral Equations," American Economic Review, American Economic Association, vol. 61(1), pages 190-194, March.
    3. Martin, William J. & Porter, Darrell, 1985. "Testing For Changes In The Structure Of The Demand For Meat In Australia," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 29(01), April.
    4. Safyurtlu, A. N. & Johnson, Stanley R. & Hassan, Zuhair A., 1986. "Recent Evidence on Market Demand Systems for Food in Canada," Staff General Research Papers Archive 1110, Iowa State University, Department of Economics.
    5. Jeffrey T. LaFrance, 1986. "The Structure of Constant Elasticity Demand Models," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 68(3), pages 543-552.
    6. Huang, Kuo S & Haidacher, Richard C, 1983. "Estimation of a Composite Food Demand System for the United States," Journal of Business & Economic Statistics, American Statistical Association, vol. 1(4), pages 285-291, October.
    7. Epstein, L, 1975. "A Disaggregate Analysis of Consumer Choice under Uncertainty," Econometrica, Econometric Society, vol. 43(5-6), pages 877-892, Sept.-Nov.
    8. Labys, Walter C., 1976. "An International Comparison Of Price And Income Elasticities For Wine Consumption," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 20(01), April.
    9. Bewley, Ronald A., 1987. "The Demand For Milk In Australia Estimation Of Price And Income Effects From The 1984 Household Expenditure Survey," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 31(03), December.
    10. Currie, John Martin & Murphy, John A & Schmitz, Andrew, 1971. "The Concept of Economic Surplus and its Use in Economic Analysis," Economic Journal, Royal Economic Society, vol. 81(324), pages 741-799, December.
    11. Alston, Julian M. & Chalfant, James A., 1987. "Weak Separability And A Test For The Specification Of Income In Demand Models With An Application To The Demand For Meat In Australia," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 31(01), April.
    12. A. N. Safyurtlu & S. R. Johnson & Z. A. Hassan, 1986. "Recent Evidence on Market Demand Systems For Food in Canada," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 34(3), pages 475-493, November.
    13. Burt, Oscar R & Brewer, Durward, 1971. "Estimation of Net Social Benefits from Outdoor Recreation," Econometrica, Econometric Society, vol. 39(5), pages 813-827, September.
    14. Richardson, Robert A., 1976. "Structural Estimates Of Domestic Demand For Agricultural Products In Australia: A Review," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 44(03), September.
    15. G. W. Taylor, 1963. "Meat Consumption In Australia," The Economic Record, The Economic Society of Australia, vol. 39(85), pages 81-87, March.
    16. LaFrance, Jeffrey T., 1985. "Linear demand functions in theory and practice," Journal of Economic Theory, Elsevier, vol. 37(1), pages 147-166, October.
    17. Hausman, Jerry A, 1981. "Exact Consumer's Surplus and Deadweight Loss," American Economic Review, American Economic Association, vol. 71(4), pages 662-676, September.
    18. Fisher, Brian S., 1979. "The Demand For Meat - An Example Of An Incomplete Commodity Demand System," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 23(03), December.
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    Keywords

    Demand and Price Analysis;

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