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Specification and Estimation of Inverse Demand Systems: A Distance Function Approach
Wong, KKG1; McLaren, KR2
2005-11
Source PublicationAMERICAN JOURNAL OF AGRICULTURAL ECONOMICS
ABS Journal Level3
ISSN0002-9092
Volume87Issue:4Pages:823-834
Abstract

To allow realistic policy simulations in a changing environment, inverse demand systems must remain regular over substantial variations in quantities. The distance function is a convenient vehicle for generating such systems. While its use directly yields Hicksian inverse demand functions, those functions will not usually have an explicit representation in terms of the observable variables. However, this problem need not hinder estimation and can be solved by using a numerical inversion estimation approach. This article develops the formal theory for using distance functions in this context and demonstrates the operational feasibility of the method.

KeywordNverse Demands Distance Functions Numerical Inversion Estimation Separability
DOI10.1111/j.1467-8276.2005.00772.x
Indexed BySSCI
Language英语
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Cited Times [WOS]:13   [WOS Record]     [Related Records in WOS]
Document TypeJournal article
CollectionFaculty of Social Sciences
DEPARTMENT OF ECONOMICS
Affiliation1.Univ Macau, Dept Social Sci, Econ Program, Taipa, Peoples R China
2.Monash Univ, Dept Econometr & Business Stat, Clayton, Vic 3168, Australia
First Author AffilicationUniversity of Macau
Recommended Citation
GB/T 7714
Wong, KKG,McLaren, KR. Specification and Estimation of Inverse Demand Systems: A Distance Function Approach[J]. AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS,2005,87(4):823-834.
APA Wong, KKG,&McLaren, KR.(2005).Specification and Estimation of Inverse Demand Systems: A Distance Function Approach.AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS,87(4),823-834.
MLA Wong, KKG,et al."Specification and Estimation of Inverse Demand Systems: A Distance Function Approach".AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS 87.4(2005):823-834.
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