The Inverse Lewbel Demand System
A new model of consumer preferences is introduced. It is appropriate for modeling perishable commodities which are produced with a lag, where it is reasonable to assume the market-level quantities are fixed by previously made production decisions. The inverse Lewbel system, as it is called, is a flexible nonlinear system of share equations, which nests two other inverse demand systems, the direct translog and the inverse AIDS. Thus, the inverse Lewbel may be employed to test whether these more restrictive preference structures are appropriate. In an application to quarterly U.S. meat consumption, the more restrictive structures are rejected.
Volume (Year): 19 (1994)
Issue (Month): 01 (July)
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- Lewbel, Arthur, 1989. "Nesting the AIDS and Translog Demand System," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 30(2), pages 349-56, May.
- Anderson, G J & Blundell, R W, 1982. "Estimation and Hypothesis Testing in Dynamic Singular Equation Systems," Econometrica, Econometric Society, vol. 50(6), pages 1559-71, November.
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- Deaton, Angus, 1986. "Demand analysis," Handbook of Econometrics, in: Z. Griliches† & M. D. Intriligator (ed.), Handbook of Econometrics, edition 1, volume 3, chapter 30, pages 1767-1839 Elsevier.
- Hicks, J. R., 1986. "A Revision of Demand Theory," OUP Catalogue, Oxford University Press, number 9780198285502, May.
- Dale W. Jorgenson & Lawrence J. Lau, 1975. "The Structure of Consumer Preferences," NBER Chapters, in: Annals of Economic and Social Measurement, Volume 4, number 1, pages 49-101 National Bureau of Economic Research, Inc.
- Alston, Julian M. & Chalfant, James A., 1991. "Can We Take The Con Out Of Meat Demand Studies?," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 16(01), July.
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