Normalized Quadratic Systems of Consumer Demand Functions
Bibliographic Data
| ID | 19418699 |
|---|---|
| Authors | W E Diewert, Walter Diewert (University of British Columbia), Terence Wales (University of British Columbia), T J Wales |
| Year | 1988 |
| Volume | 6 |
| Issue | 3 |
| Pages | 303-312 |
| Publication date | 1988-07-01 |
| Open Access | No |
| Type | ARTICLE |
| Venue | Journal of Business and Economic Statistics (JOURNAL) |
| Journal identifiers | ISSN: 0735-0015 • E-ISSN: 1537-2707 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1080/07350015.1988.10509667 |
| OpenAlex | W1986995381 |
| Language | EN |
| Citations received | 7 |
| References cited | 18 |
Empirically estimated demand systems frequently fail to satisfy the appropriate theoretical curvature conditions. We propose and estimate two demand systems for which these conditions can be imposed globally; the first is derived from a normalized quadratic reciprocal indirect utility function and the second is derived from a normalized quadratic expenditure function. The former is flexible if there are no restrictions on its free parameters, but loses flexibility if the curvature conditions need to be imposed. The latter is flexible, in the class of functions satisfying local money metric scaling, even if the curvature conditions need to be imposed
Curvature · Demand curve · Economics · Inverse demand function · Mathematical optimization · Microeconomics · Quadratic equation · Quadratic function · Reciprocal · Scaling · Statistics · Economic theories and models · Economics of Agriculture and Food Markets · Mathematics · Monetary Policy and Economic Impact
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| Citations per year | 0.25 |
|---|---|
| Citation span | 1998 - 2025 (28) |
| Highly cited | No |