By L. Phlips
This quantity hyperlinks the summary thought of call for with its econometric implementation. routines lead the reader from undemanding application maximization to the main subtle contemporary ideas, highlighting the most steps within the ancient evolution of the topic.
The first half provides a short dialogue of duality and versatile types, and specifically of Deaton and Muellbauers ``almost excellent call for process. half comprises the authors paintings on real salary indexes, and on intertemporal software maximization.
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47) // one is ready to treat B, and Su as constants, these constants can be estimated by ordinary least squares, equation by equation. Using time series on expenditure and prices for four aggregate commodity groups (food, pleasure goods, durables and remainder) in the Netherlands, covering the years 1922-1939 and 1949-1961, Barten (1967) finds that: (a) all estimated S„ coefficients are negative; 1 K n o w n as t h e ' R o t t e r d a m model'. It can also be found in Barten (1967). See Barnett ( 1979a) on the theoretical foundations of this model.
Therefore (a) all own price elasticities are equal to minus one; (b) all cross price elasticities are zero, as the demand for commodity i is a function of its own price (and income) only; (c) all income elasticities are unitary; (d) - 1 + 1 = 0. D. 3. 14. Now some algebra j is required. Answer: ßiy ^ ßt ν dx Spi Pi Pi jfi dxi ßi dpj Pi dx ßi dy Pi ßi ßi + - --y Pi ßi L Pij+i Pjij - - ßi Σ Pijïi VJPJ = - -y> Q- E D Pi It is worth emphasizing that the demand equations automatically satisfy the homogeneity restriction (as well as the other general restrictions) when the demand system is obtained by constrained maximization of an algebraically specified utility function.
44) while the new version of the homogeneity condition is given by I S / , = 0. 45) j The transformation from ku to Su leaves the symmetry untouched, hence Su = SJS. 46) Finally, because prices and income are strictly positive Su < 0. 47) // one is ready to treat B, and Su as constants, these constants can be estimated by ordinary least squares, equation by equation. Using time series on expenditure and prices for four aggregate commodity groups (food, pleasure goods, durables and remainder) in the Netherlands, covering the years 1922-1939 and 1949-1961, Barten (1967) finds that: (a) all estimated S„ coefficients are negative; 1 K n o w n as t h e ' R o t t e r d a m model'.
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