Nesting Quadratic Logarithmic Demand Systems
We propose a new generalised rank-3 demand system which nests all known (and new) rank-3 and rank-2 demand systems derived from the Quadratic Logarithmic (QL) cost function. We investigate its statistical adequacy against commonly en-countered alternatives using U.K. household data.
|Date of creation:||Oct 2001|
|Date of revision:|
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"A Rational Rank Four Demand System,"
Boston College Working Papers in Economics
463, Boston College Department of Economics, revised 04 Apr 2003.
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