A Globally Flexible, Almost Ideal Demand System
将近乎理想需求系统与傅里叶支出系统结合,得到兼具两者优点的新需求系统,应用于美国肉类和鱼类消费数据,拟合良好且拒绝传统设定。
The almost ideal demand system is combined with the Fourier expenditure system. Subject to the assumption that preferences are of the price-independent, generalized-logarithmic class, the resulting demand system has the desirable features of each of its components. Aggregate demand equations are consistent with preferences of a representative consumer, and consistent estimates of elasticities are obtained for all observed prices. Application of the new demand system to U.S. consumption of meats and fish reveals that it fits the data well and that the restriction to the usual specification is rejected.