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Fluid Milk Purchases: A Multivariate Tobit Analysis

Author

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  • Jorge Cornick
  • Thomas L. Cox
  • Brian W. Gould

Abstract

We formulate an econometric model of fluid milk expenditures, taking into account two important characteristics: expenditures may be censored at zero and may be interdependent across milk type. Censoring of fluid milk expenditures is addressed with a generalized Tobit system estimator. Interdependence of milk expenditures is examined through a likelihood function with no restrictions on elements of the Engel curve error covariance matrix. Expenditure function parameters are estimated using a March 1991 to March 1992 U.S. consumer panel.

Suggested Citation

  • Jorge Cornick & Thomas L. Cox & Brian W. Gould, 1994. "Fluid Milk Purchases: A Multivariate Tobit Analysis," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 76(1), pages 74-82.
  • Handle: RePEc:oup:ajagec:v:76:y:1994:i:1:p:74-82.
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    File URL: http://hdl.handle.net/10.2307/1243922
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    Cited by:

    1. Dong, Diansheng & Stewart, Hayden, 2013. "Households' Choices Among Fluid Milk Products: What Happens When Income and Prices Change?," Economic Research Report 262226, United States Department of Agriculture, Economic Research Service.
    2. Glynn T. Tonsor & Ted C. Schroeder & Joost M. E. Pennings, 2009. "Factors Impacting Food Safety Risk Perceptions," Journal of Agricultural Economics, Wiley Blackwell, vol. 60(3), pages 625-644.
    3. Backus, Peter, 2010. "Is charity a homogeneous good?," Economic Research Papers 270773, University of Warwick - Department of Economics.
    4. Junfei Bai & Jill J. McCluskey & Hainan Wang & Shi Min, 2014. "Dietary Globalization in Chinese Breakfasts," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 62(3), pages 325-341, September.
    5. Klaus Moeltner & David F. Layton, 2002. "A Censored Random Coefficients Model For Pooled Survey Data With Application To The Estimation Of Power Outage Costs," The Review of Economics and Statistics, MIT Press, vol. 84(3), pages 552-561, August.
    6. Layton, David F. & Siikamaki, Juha, 2005. "Incentive Payment Programs for Environmental Protection: A Framework for Eliciting and Estimating Landowners' Willingness to Participate," Discussion Papers 10775, Resources for the Future.
    7. Ho-Chuan Huang, 2001. "Bayesian analysis of the SUR Tobit model," Applied Economics Letters, Taylor & Francis Journals, vol. 8(9), pages 617-622.
    8. Qian, Hang, 2009. "Estimating SUR Tobit Model while errors are gaussian scale mixtures: with an application to high frequency financial data," MPRA Paper 31509, University Library of Munich, Germany.
    9. Marco Costanigro & Oana Deselnicu & Dawn Thilmany McFadden, 2016. "Product differentiation via corporate social responsibility: consumer priorities and the mediating role of food labels," Agriculture and Human Values, Springer;The Agriculture, Food, & Human Values Society (AFHVS), vol. 33(3), pages 597-609, September.
    10. Cuma Akbay & Gulgun Yildiz Tiryaki, 2008. "Unpacked and packed fluid milk consumption patterns and preferences in Turkey," Agricultural Economics, International Association of Agricultural Economists, vol. 38(1), pages 9-20, January.

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