Multivariate AIM Consumer Demand Model Applied to Dried Fruit, Raisins, and Dried Plums
Abstract: We estimate a semi-nonparametric demand system based on a multivariate version of the Muntz-Szatz series expansion which is called the Asymptotically Ideal Model (AIM). The model is applied to consumer demand for dried fruits, raisins, and dried plums. Results from the first and second order AIM expansions suggest that the second order expansion leads to a more economically consistent model, but the likelihood ratio test indicates the AIM(2) model was not a statistical improvement over the AIM(1) model.
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- Barnett, William A. & Jonas, Andrew B., 1983. "The Muntz-Szatz demand system : An application of a globally well behaved series expansion," Economics Letters, Elsevier, vol. 11(4), pages 337-342.
- Fleissig, Adrian R & Swofford, James L, 1997. "Dynamic Asymptotically Ideal Models and Finite Approximation," Journal of Business & Economic Statistics, American Statistical Association, vol. 15(4), pages 482-92, October.
- Arthur Havenner & Atanu Saha, 1999. "Globally Flexible Asymptotically Ideal Models," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(3), pages 703-710.
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