Trade Allocation Modeling: Comparing The Results From Armington And Locally Regular Ai Demand System Specifications Of A Uk Beef Import Demand Allocation Model
Locally regular almost ideal demand system and Armington specifications of a UK beef import demand allocation model are estimated. A Bayesian methodology is used that allows for the incorporation of prior information from microeconomic theory. The results illustrate the potential of regularity constrained locally flexible functional forms in modeling trade.
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