On the Estimation of Demand Systems Through Consumption Efficiency
Bibliographic Data
| ID | 19313449 |
|---|---|
| Authors | Eduardo Ley (Resources For The Future), Mark F J Steel (0000-0001-9858-9279, Tilburg University) |
| Year | 1996 |
| Volume | 78 |
| Issue | 3 |
| Pages | 539 |
| Publication date | 1996-08-01 |
| Open Access | No |
| Type | ARTICLE |
| Venue | The Review of Economics and Statistics (JOURNAL) |
| Journal identifiers | ISSN: 0034-6535 • E-ISSN: 1530-9142 |
| Publisher | JSTOR (PUBLISHER) |
| DOI | 10.2307/2109801 |
| OpenAlex | W1500748890 |
| Language | EN |
| References cited | 2 |
We consider a Bayesian implementation of a new approach to estimating Demand Systems. This approach, suggested by Varian (1990), is based on a generalization of Afriat's (1967) e-ciency index. The model we propose leads to a very tractable posterior and predictive analysis, yet allows for interesting economic interpretations. We conduct a sensitivity analysis with respect to the prior in an application to annual aggregate U.S. consumption data, and conclude that the sample is quite informative. Average e-ciency and expected budget shares are examined in some detail
Consumption (sociology) · Econometrics · Economics · Estimation · Natural resource economics · Consumer Market Behavior and Pricing · Economic and Environmental Valuation · Economics of Agriculture and Food Markets
| Highly cited | No |
|---|