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On inferring individual behaviour from market behaviour in a predetermined quantities model

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  • Hoanjae Park

Abstract

This article develops the theoretical basis of individual behaviour recovered from market behaviour in a predetermined quantities model. As applied economists argue, an inverse demand system may be empirically sound within the framework of classical demand theory. However, it should not lead to the conclusion that the market responses for changes in quantity should be used to see welfare effects instead of the individual responses by price changes as far as the market is concerned. It shows theoretically and empirically how individual responses can be recovered from market responses in a predetermined quantities model. It suggests that the fundamental results of this article should be used on interpreting empirical results from the predetermined quantities models.

Suggested Citation

  • Hoanjae Park, 2004. "On inferring individual behaviour from market behaviour in a predetermined quantities model," Applied Economics, Taylor & Francis Journals, vol. 36(7), pages 715-721.
    • Handle: RePEc:taf:applec:v:36:y:2004:i:7:p:715-721
    DOI: 10.1080/0003684042000191084
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    1. Hausman, Jerry, 2015. "Specification tests in econometrics," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 38(2), pages 112-134.
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    3. Hicks, J. R., 1986. "A Revision of Demand Theory," OUP Catalogue, Oxford University Press, number 9780198285502, Decembrie.
    4. Dermot J. Hayes & Thomas I. Wahl & Gary W. Williams, 1990. "Testing Restrictions on a Model of Japanese Meat Demand," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 72(3), pages 556-566.
    5. Hoanjae Park & Walter N. Thurman, 1999. "On Interpreting Inverse Demand Systems: A Primal Comparison of Scale Flexibilities and Income Elasticities," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(4), pages 950-958.
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