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Effective Global Regularity and Empirical Modeling of Direct, Inverse and Mixed Demand Systems
McLaren, Keith R1; Wong, K. K. Gary2
2009-05
Source PublicationCANADIAN JOURNAL OF ECONOMICS-REVUE CANADIENNE D ECONOMIQUE
ISSN0008-4085
Volume42Issue:2Pages:749-770
Abstract

This paper utilizes the notion of 'effective global regularity' and the intuition stemming from Cooper and McLaren (1996)'s General Exponential Form to develop a family of 'composite' (product and ratio) direct, inverse and mixed demand systems. Apart from having larger regularity regions, the resulting specifications are also of potentially arbitrary rank, which can better approximate non-linear Engel curves. We also make extensive use of duality theory and a numerical inversion estimation method to rectify the endogeneity problem encountered in the estimation of the mixed demand systems. We illustrate the techniques by estimating different types of demand systems for Japanese quarterly meat and fish consumption.

DOI10.1111/j.1540-5982.2009.01526.x
Indexed BySSCI
Language英语
WOS Research AreaBusiness & Economics
WOS SubjectEconomics
WOS IDWOS:000264822800015
Fulltext Access
Citation statistics
Cited Times [WOS]:8   [WOS Record]     [Related Records in WOS]
Document TypeJournal article
CollectionFaculty of Social Sciences
DEPARTMENT OF ECONOMICS
Affiliation1.Monash Univ, Dept Econometr & Business Stat, Clayton, Vic 3800, Australia
2.Univ Macau, Dept Econ, Taipa, Peoples R China
Recommended Citation
GB/T 7714
McLaren, Keith R,Wong, K. K. Gary. Effective Global Regularity and Empirical Modeling of Direct, Inverse and Mixed Demand Systems[J]. CANADIAN JOURNAL OF ECONOMICS-REVUE CANADIENNE D ECONOMIQUE,2009,42(2):749-770.
APA McLaren, Keith R,&Wong, K. K. Gary.(2009).Effective Global Regularity and Empirical Modeling of Direct, Inverse and Mixed Demand Systems.CANADIAN JOURNAL OF ECONOMICS-REVUE CANADIENNE D ECONOMIQUE,42(2),749-770.
MLA McLaren, Keith R,et al."Effective Global Regularity and Empirical Modeling of Direct, Inverse and Mixed Demand Systems".CANADIAN JOURNAL OF ECONOMICS-REVUE CANADIENNE D ECONOMIQUE 42.2(2009):749-770.
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