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Units of Measurement and the 'Stone Index' In Demand System Estimation

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  • Moschini, GianCarlo

Abstract

The Stone index typically used in estimating linear almost ideal demand systems is not invariant to changes in units of measurement, which may seriously affect the approximation properties of the model. A modification to the Stone index, or use of a regular price index instead, are both desirable practices in estimating linear AI models.

Suggested Citation

  • Moschini, GianCarlo, 1995. "Units of Measurement and the 'Stone Index' In Demand System Estimation," Staff General Research Papers Archive 5058, Iowa State University, Department of Economics.
  • Handle: RePEc:isu:genres:5058
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