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Selection of Nonnested Demand Models

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  • Green, Richard D.
  • Hassan, Zuhair A.
  • Johnson, Stanley R.

Abstract

This paper applies the likelihood dominance criterion (LDC), a new method of model selection developed by Pollak and Wales (1991), to four popular demand equation systems, using a set of seasonally adjusted quarterly Canadian data series. the results indicate that the almost ideal demand system (AIDS) dominates various alternative demand systems. the LDC method is useful in assisting demand analysts in selecting the proper demand specification. the paper also includes tests for unit roots and cointegration and, based on these tests, an error corrections model is estimated and tested against the popular but not theoretically plausible linear approximate almost ideal demand system.

Suggested Citation

  • Green, Richard D. & Hassan, Zuhair A. & Johnson, Stanley R., 1995. "Selection of Nonnested Demand Models," Staff General Research Papers Archive 1113, Iowa State University, Department of Economics.
  • Handle: RePEc:isu:genres:1113
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    Cited by:

    1. Teisl, Mario F. & Roe, Brian & Hicks, Robert L., 2002. "Can Eco-Labels Tune a Market? Evidence from Dolphin-Safe Labeling," Journal of Environmental Economics and Management, Elsevier, vol. 43(3), pages 339-359, May.
    2. Cranfield, J. A. L. & Pellow, Scott, 2004. "The role of global vs. local negativity in functional form selection: an application to Canadian consumer demands," Economic Modelling, Elsevier, vol. 21(2), pages 345-360, March.
    3. Teisl, Mario F. & Levy, Alan S., 1997. "Does Nutrition Labeling Lead To Healthier Eating?," Journal of Food Distribution Research, Food Distribution Research Society, vol. 28(3), pages 1-10, October.

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