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Demand Systems I: Main Results

In: Short-cut Demand Elasticities and Other Convenient Approaches to Consumer Demand

Author

Listed:
  • Kenneth W. Clements

    (University of Western Australia)

  • Haiyan Liu

    (University of Western Australia)

  • Marc Jim M. Mariano

    (Commonwealth Scientific and Industrial Research Organisation)

  • Eliyathamby A. Selvanathan

    (Griffith University)

  • Saroja Selvanathan

    (Griffith University)

  • George Verikios

    (Griffith University)

Abstract

A demand system comprises a set of demand equations, one for each good and service purchased by the consumer. This chapter starts with a discussion on the nature of demand systems associated with a consumer-optimisation problem. Then comes Engel curves, the relation between expenditure on each good and service as a function of income. These are a form of a demand system whereby all consumers pay the same set of prices, as might approximate the case with survey data of household expenditures at a given point of time. Subsequent sections present several popular demand systems: the linear expenditure system and its generalisations, the Rotterdam model, the almost ideal system and the quadratic version, and related models including the translog. The chapter concludes with a discussion of index numbers as valuable summary measures and their links with consumer demand.

Suggested Citation

  • Kenneth W. Clements & Haiyan Liu & Marc Jim M. Mariano & Eliyathamby A. Selvanathan & Saroja Selvanathan & George Verikios, 2025. "Demand Systems I: Main Results," Springer Books, in: Short-cut Demand Elasticities and Other Convenient Approaches to Consumer Demand, chapter 0, pages 103-126, Springer.
    • Handle: RePEc:spr:sprchp:978-981-96-3588-7_6
    DOI: 10.1007/978-981-96-3588-7_6
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