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Units of Measurement and the Stone Index in Demand System Estimation

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  • Giancarlo Moschini

Abstract

The Stone index typically used in estimating linear almost ideal demand systems is not invariant to changes in units of measurement, which may seriously affect the approximation properties of the model. A modification to the Stone index, or use of a regular price index instead, are both desirable practices in estimating linear AI models.

Suggested Citation

  • Giancarlo Moschini, 1995. "Units of Measurement and the Stone Index in Demand System Estimation," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 77(1), pages 63-68.
  • Handle: RePEc:oup:ajagec:v:77:y:1995:i:1:p:63-68.
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    File URL: http://hdl.handle.net/10.2307/1243889
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