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How Much Do Starting Values Really Matter? An Empirical Comparison of Genetic Algorithm and Traditional Approaches

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  • Tonsor, Glynn T.
  • Kastens, Terry L.

Abstract

This research evaluates the impact of using different starting conditions in estimating meat demand systems. Results suggest that as the econometric task becomes increasingly nonlinear, specification of starting conditions becomes increasingly important. This work demonstrates implications of failing to use the best available starting value conditions and how these implications vary with the complexity of the underlying econometric model of interest. Furthermore, this piece proposes a universal approach to be used by all applied econometric practioners to developing appropriate starting values for use in subsequent model estimation.

Suggested Citation

  • Tonsor, Glynn T. & Kastens, Terry L., 2006. "How Much Do Starting Values Really Matter? An Empirical Comparison of Genetic Algorithm and Traditional Approaches," 2006 Annual meeting, July 23-26, Long Beach, CA 21252, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  • Handle: RePEc:ags:aaea06:21252
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    File URL: http://purl.umn.edu/21252
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    References listed on IDEAS

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    1. Dameus, Alix & Richter, Francisca G.-C. & Brorsen, B. Wade & Sukhdial, Kullapapruk Piewthongngam, 2002. "Aids Versus The Rotterdam Demand System: A Cox Test With Parametric Bootstrap," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 27(02), December.
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    5. Nicholas E. Piggott & James A. Chalfant & Julian M. Alston & Garry R. Griffith, 1996. "Demand Response to Advertising in the Australian Meat Industry," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 78(2), pages 268-279.
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    7. Bollino, Carlo Andrea, 1987. "Gaids: a generalised version of the almost ideal demand system," Economics Letters, Elsevier, vol. 23(2), pages 199-202.
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    10. Deaton, Angus S & Muellbauer, John, 1980. "An Almost Ideal Demand System," American Economic Review, American Economic Association, vol. 70(3), pages 312-326, June.
    11. John L. Park & Rodney B. Holcomb & Kellie Curry Raper & Oral Capps, 1996. "A Demand Systems Analysis of Food Commodities by U.S. Households Segmented by Income," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 78(2), pages 290-300.
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    Cited by:

    1. Neal, Mark, 2007. "Estimating complex production functions: The importance of starting values," Risk and Sustainable Management Group Working Papers 151178, University of Queensland, School of Economics.

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    Keywords

    Demand and Price Analysis;

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