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Registro Completo |
Biblioteca(s): |
Embrapa Pecuária Sul. |
Data corrente: |
07/01/1991 |
Data da última atualização: |
29/07/2013 |
Autoria: |
EL BADAWI, I.; GALLANT, A. R.; SOUZA, G. da S. e. |
Título: |
An elasticity can be estimated consistently without a priori knowledge of functional form. |
Ano de publicação: |
1982 |
Fonte/Imprenta: |
Brasilia : EMBRAPA-DMQ, 1982. |
Páginas: |
24p. |
Série: |
(EMBRAPA-DMQ/A/59). |
Idioma: |
Inglês |
Conteúdo: |
We consider an open question in applied price theory: without a priori knowledge of a firm's cost function or a consume's indirect utility function, is it possible to estimate price and substitution elasticities consistently by observing a demand system? As the work of White (1980), Guilkey, Lovell, and Sickeles (1981), and others has shown, ordinary flexible functional forms such as the translog cannot achieve this objective. We find that if one is prepared to assume that elasticities os susbstitution cannot oscillate wildly over the region of interesthen consistent estimation is possible using the fourier flexible form provided the number of fitted parameters increases as the number of observations increases. This result obtains with any of the commonly, used statistical methods, as examples: multivariate least squares, maximum likelihood, and three-stage least squares. It obtains if the number of fitted parameters is chosen adaptively by observing the data or chosen deterministically according to some fixed rule. We approach the problem along the classical lines of estimability considerations as used in the study of less than full rank linear statistical models and thereby discover that the problem has a fascinating structure which we explore in detail. |
Palavras-Chave: |
Forma; Sistema. |
Thesagro: |
Demanda. |
Categoria do assunto: |
-- |
Marc: |
LEADER 01790nam a2200193 a 4500 001 1221364 005 2013-07-29 008 1982 bl uuuu 00u1 u #d 100 1 $aEL BADAWI, I. 245 $aAn elasticity can be estimated consistently without a priori knowledge of functional form. 260 $aBrasilia : EMBRAPA-DMQ$c1982 300 $a24p. 490 $a(EMBRAPA-DMQ/A/59). 520 $aWe consider an open question in applied price theory: without a priori knowledge of a firm's cost function or a consume's indirect utility function, is it possible to estimate price and substitution elasticities consistently by observing a demand system? As the work of White (1980), Guilkey, Lovell, and Sickeles (1981), and others has shown, ordinary flexible functional forms such as the translog cannot achieve this objective. We find that if one is prepared to assume that elasticities os susbstitution cannot oscillate wildly over the region of interesthen consistent estimation is possible using the fourier flexible form provided the number of fitted parameters increases as the number of observations increases. This result obtains with any of the commonly, used statistical methods, as examples: multivariate least squares, maximum likelihood, and three-stage least squares. It obtains if the number of fitted parameters is chosen adaptively by observing the data or chosen deterministically according to some fixed rule. We approach the problem along the classical lines of estimability considerations as used in the study of less than full rank linear statistical models and thereby discover that the problem has a fascinating structure which we explore in detail. 650 $aDemanda 653 $aForma 653 $aSistema 700 1 $aGALLANT, A. R. 700 1 $aSOUZA, G. da S. e.
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Embrapa Pecuária Sul (CPPSUL) |
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