Tricks with Hicks: The EASI Demand System.
We invent Implicit Marshallian demands, which combine desirable features of Hicksian and Marshallian demands. We propose and estimate the Exact Affine Stone Index (EASI) implicit Marshallian demand system. Like the Almost Ideal Demand (AID) system, EASI budget shares are linear in parameters given r...
| Publicado en: | American Economic Review Vol. 99; no. 3; pp. 827 - 864 |
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| Autores principales: | , |
| Formato: | Artículo |
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American Economic Association
June 2009
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=511422696&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 511422696 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00028282 AER jtl: American Economic Review issn: 00028282 maglogo: N pubinfo: dt: June 2009 vid: 99 iid: 3 pid: 22 pub: American Economic Association artinfo: ui: 511422696 10.1257/aer.99.3.827 ppf: 827 ppct: 37 formats: tig: atl: Tricks with Hicks: The EASI Demand System. aug: au: Lewbel, Arthur Pendakur, Krishna su: Mathematical models of consumption Economic demand Mathematical models sug: subj: Mathematical models of consumption Economic demand Mathematical models ab: We invent Implicit Marshallian demands, which combine desirable features of Hicksian and Marshallian demands. We propose and estimate the Exact Affine Stone Index (EASI) implicit Marshallian demand system. Like the Almost Ideal Demand (AID) system, EASI budget shares are linear in parameters given real expenditures. However, unlike the AID, EASI demands can have any rank and its Engel curves can have any shape over real expenditures. EASI error terms equal random utility parameters to account for unobserved preference heterogeneity. EASI demand functions can be estimated using GMM or three stage least squares, and, like AID, an approximate EASI model can be estimated by linear regression. Reprinted by permission of the publisher. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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