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Consumer preferences and demand systems

Author

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  • William Barnett

    (Department of Economics, The University of Kansas)

  • Apostolos Serletis

    (University of Calgary)

Abstract

This paper is an up-to-date survey of the state-of-the art in consumer demand modelling. We review and evaluate advances in a number of related areas, including di§erent approaches to empirical demand analysis, such as the di§erential approach, the locally .exible functional forms approach, the semi-nonparametric approach, and a nonparametric approach. We also address estimation issues, including sampling theoretic and Bayesian estimation methods, and discuss the limitations of the currently common approaches. We also highlight the challenge inherent in achieving economic regularity, for consistency with the assumptions of the underlying neoclassical economic theory, as well as econometric regularity, when variables are nonstationary.

Suggested Citation

  • William Barnett & Apostolos Serletis, 2008. "Consumer preferences and demand systems," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 200801, University of Kansas, Department of Economics, revised Jan 2008.
  • Handle: RePEc:kan:wpaper:200801
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    More about this item

    Keywords

    representative consumer; Engel curves; rank; flexible functional forms; parametric tests; nonparametric tests; theoretical regularity.;
    All these keywords.

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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