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Nesting quadratic logarithmic demand systems

  • Lyssiotou, Panayiota
  • Pashardes, Panos
  • Stengos, Thanasis

We propose a new generalised rank-3 demand system which nests all known (and new) rank-3 and rank-2 demand systems derived from the Quadratic Logarithmic (QL) cost function. We investigate its statistical adequacy against commonly en-countered alternatives using U.K. household data.

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File URL: http://www.sciencedirect.com/science/article/B6V84-45NY3TB-2/2/c9ddb09a5cdc14b9a5e21d875f65bda0
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Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 76 (2002)
Issue (Month): 3 (August)
Pages: 369-374

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Handle: RePEc:eee:ecolet:v:76:y:2002:i:3:p:369-374
Contact details of provider: Web page: http://www.elsevier.com/locate/ecolet

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  1. Lewbel, Arthur, 1990. "Full Rank Demand Systems," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 31(2), pages 289-300, May.
  2. Arthur Lewbel, 2003. "A rational rank four demand system," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 18(2), pages 127-135.
  3. Deaton, Angus S & Muellbauer, John, 1980. "An Almost Ideal Demand System," American Economic Review, American Economic Association, vol. 70(3), pages 312-26, June.
  4. Fry, V. & Pashardes, P., 1992. "An Almost Ideal Quadratic Logarithmic Demand System for the Analysis of Micro Data," Economics Series Working Papers 99145, University of Oxford, Department of Economics.
  5. 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.
  6. Lyssiotou, Panayiota & Pashardes, Panos & Stengos, Thanasis, 1999. "Testing the rank of Engel curves with endogenous expenditure," Economics Letters, Elsevier, vol. 64(1), pages 61-65, July.
  7. James Banks & Richard Blundell & Arthur Lewbel, 1997. "Quadratic Engel Curves And Consumer Demand," The Review of Economics and Statistics, MIT Press, vol. 79(4), pages 527-539, November.
  8. Bollino, Carlo Andrea & Violi, Roberto, 1990. "GAITL: A generalised version of the almost ideal and translog demand systems," Economics Letters, Elsevier, vol. 34(2), pages 127-129, October.
  9. Lyssiotou, Panayiota & Pashardes, Panos & Stengos, Thanasis, 1999. "Preference Heterogeneity and the Rank of Demand Systems," Journal of Business & Economic Statistics, American Statistical Association, vol. 17(2), pages 248-52, April.
  10. Blundell, Richard & Pashardes, Panos & Weber, Guglielmo, 1993. "What Do We Learn About Consumer Demand Patterns from Micro Data?," American Economic Review, American Economic Association, vol. 83(3), pages 570-97, June.
  11. Christensen, Laurits R & Jorgenson, Dale W & Lau, Lawrence J, 1975. "Transcendental Logarithmic Utility Functions," American Economic Review, American Economic Association, vol. 65(3), pages 367-83, June.
  12. David L. Ryan & Terence J. Wales, 1999. "Flexible And Semiflexible Consumer Demands With Quadratic Engel Curves," The Review of Economics and Statistics, MIT Press, vol. 81(2), pages 277-287, May.
  13. Lewbel, Arthur, 1991. "The Rank of Demand Systems: Theory and Nonparametric Estimation," Econometrica, Econometric Society, vol. 59(3), pages 711-30, May.
  14. Howe, Howard & Pollak, Robert A & Wales, Terence J, 1979. "Theory and Time Series Estimation of the Quadratic Expenditure System," Econometrica, Econometric Society, vol. 47(5), pages 1231-47, September.
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