An Examination of Inverse Demand Models: An Application to the U.S. Crawfish Industry
This study analyzes quantity impacts of imported crawfish tailmeat on Louisiana crawfish tailmeat prices, and demonstrates the statistical validity and proper interpretation of cross substitution within inverse demand systems. Among five inverse demand systems, the Differential Inverse National Bureau of Research (DINBR) model shows no violation of econometric assumptions for the data analyzed. By using Allais coefficients proposed by Barten and Bettendorf (1989), we show substitutability among the five fish species.
Volume (Year): 37 (2008)
Issue (Month): 2 (October)
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- K. K. Gary Wong & Keith R. McLaren, 2005. "Specification and Estimation of Regular Inverse Demand Systems: A Distance Function Approach," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 87(4), pages 823-834.
- Barten, A. P. & Bettendorf, L. J., 1989. "Price formation of fish : An application of an inverse demand system," European Economic Review, Elsevier, vol. 33(8), pages 1509-1525, October.
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