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Comparison of several demand systems

Author

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  • Meyer, Stefan
  • Yu, Xiaohua
  • Abler, David G.

Abstract

Using Monte-Carlo simulation, , we compare the most popular demand systems including the LES, AIDS, BTL, QES, QUAIDS and AIDADS, and find that different models actually have different advantages in estimating different elasticities. Specifically, QES, AIDS and AIDADS models are the best in income, own-price and cross-price elasticities, respectively. Overall, AIDADS model has the best performance. The results indicate that the rank three models are not necessary always better than the rank two models.

Suggested Citation

  • Meyer, Stefan & Yu, Xiaohua & Abler, David G., 2011. "Comparison of several demand systems," 2011 Annual Meeting, July 24-26, 2011, Pittsburgh, Pennsylvania 103736, Agricultural and Applied Economics Association.
  • Handle: RePEc:ags:aaea11:103736
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    File URL: http://purl.umn.edu/103736
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    References listed on IDEAS

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    1. Giancarlo Moschini & Karl D. Meilke, 1989. "Modeling the Pattern of Structural Change in U.S. Meat Demand," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 71(2), pages 253-261.
    2. James Banks & Richard Blundell & Arthur Lewbel, 1997. "Quadratic Engel Curves And Consumer Demand," The Review of Economics and Statistics, MIT Press, vol. 79(4), pages 527-539, November.
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    Cited by:

    1. Colchero, M.A. & Salgado, J.C. & Unar-Munguía, M. & Hernández-Ávila, M. & Rivera-Dommarco, J.A., 2015. "Price elasticity of the demand for sugar sweetened beverages and soft drinks in Mexico," Economics & Human Biology, Elsevier, vol. 19(C), pages 129-137.

    More about this item

    Keywords

    Comparison; Demand Systems; Monte Carlo; AIDS; Consumer/Household Economics; Demand and Price Analysis; Research Methods/ Statistical Methods;

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