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Nesting quadratic logarithmic demand systems

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

Abstract

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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  • Lyssiotou, Panayiota & Pashardes, Panos & Stengos, Thanasis, 2002. "Nesting quadratic logarithmic demand systems," Economics Letters, Elsevier, vol. 76(3), pages 369-374, August.
  • Handle: RePEc:eee:ecolet:v:76:y:2002:i:3:p:369-374
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    1. Arthur Lewbel, 2003. "A rational rank four demand system," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 18(2), pages 127-135.
    2. 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.
    3. 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.
    4. Christensen, Laurits R & Jorgenson, Dale W & Lau, Lawrence J, 1975. "Transcendental Logarithmic Utility Functions," American Economic Review, American Economic Association, vol. 65(3), pages 367-383, June.
    5. 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 570-597, June.
    6. 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.
    7. 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 248-252, April.
    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. Lewbel, Arthur, 1991. "The Rank of Demand Systems: Theory and Nonparametric Estimation," Econometrica, Econometric Society, vol. 59(3), pages 711-730, May.
    10. 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.
    11. 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 349-356, May.
    12. 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 1231-1247, September.
    13. 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.
    14. Deaton, Angus S & Muellbauer, John, 1980. "An Almost Ideal Demand System," American Economic Review, American Economic Association, vol. 70(3), pages 312-326, June.
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    Cited by:

    1. Pashardes, Panos & Pashourtidou, Nicoletta & Zachariadis, Theodoros, 2014. "Estimating welfare aspects of changes in energy prices from preference heterogeneity," Energy Economics, Elsevier, vol. 42(C), pages 58-66.
    2. Toshinobu Matsuda, 2006. "Linear approximations to the quadratic almost ideal demand system," Empirical Economics, Springer, vol. 31(3), pages 663-675, September.
    3. Maria Erlinda M. Mutuc & Suwen Pan & Roderick M. Rejesus, 2007. "Household vegetable demand in the Philippines: Is there an urban-rural divide?," Agribusiness, John Wiley & Sons, Ltd., vol. 23(4), pages 511-527.
    4. Rangkakulnuwat, Poomthan & Wang, H. Holly & Ahn, Sung K., 2007. "The inverse imported factor demand system in Thailand: A cointegration analysis," Economics Letters, Elsevier, vol. 94(3), pages 402-407, March.
    5. Lyssiotou, Panayiota, 2012. "Demographics and demand: Evaluation of alternative functional forms," Economics Letters, Elsevier, vol. 117(3), pages 627-631.

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