Functional Form Specification In The Quarterly Demand For Red Meats In Canada
Most demand studies, particularly those for food products, choose somewhat arbitrarily either a linear or a log-linear functional form. Since choice of functional form has implications for elasticities and their properties over time, either form may be considered restrictive. An empirical test of functional form in the short-run (quarterly) demand for four red meats is presented in this paper. For beef demand, neither a linear nor a log-linear form is appropriate. Similarly for pork and lamb demand, a linear functional form is not appropriate, but the log-linear one is. For veal demand, although data supported both function forms, a linear form is preferred when seasonal influences are accounted for.
Volume (Year): 04 (1979)
Issue (Month): 02 (December)
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- Spitzer, John J., 1977. "A simultaneous equations system of money demand and supply using generalized functional forms," Journal of Econometrics, Elsevier, vol. 5(1), pages 117-128, January.
- Gregory C. Chow, 1966. "On the Long-Run and Short-Run Demand for Money," Journal of Political Economy, University of Chicago Press, vol. 74, pages 111.
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