Cross Sectional Expenditure System Estimation Using a Varying Second Stage
Language: English
Published by Forgotten Books, 2020
- Softcover
- New
Seller: Forgotten Books, London, United KingdomForgotten Books
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Condition: New
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Print on Demand. This book presents an innovative methodology for estimating consumer demand systems using varying second-stage utility functions. The author demonstrates how a two-stage utility function can be specified whose parameters are the same in the first stage while varying from consumer to consumer in the second stage. This approach has the advantage of allowing price and income effects to be estimated from purely cross-sectional data, without requiring data to span multiple price regimes. The author also discusses the theoretical advantages of a specification that permits consumers to differ by more than a stochastic component, and provides empirical results based on data from a single U.S. Consumer Expenditure Survey. These results reveal demographic differences in estimated parameters and elasticities, highlighting the importance of considering household heterogeneity in demand analysis. The book's methodology and insights are significant for researchers in consumer demand modeling and welfare economics. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book.…
Seller Inventory # 9781332256891_0
- Title
- Cross Sectional Expenditure System Estimation Using a Varying Second Stage
- Author
- Arthur Lewbel
- Publisher
- Forgotten Books
- Publication year
- 2020
- Condition
- New
- Book Type
- print-on-demand item
- Binding
- Paperback
- Language
- English
- ISBN 10
- 1332256899
- ISBN 13
- 9781332256891
- Seller catalogs
- Marketing
Assume that a fairly homogeneous group of consumers each employs a utility tree, that is, a two-stage utility maximization procedure, to allocate their expenditures. It is plausible that in the first stage, these consumers each employ similar schemes to allo cate income to aggregate commodities. In the second stage, it is unlikely that any two consumers would purchase the exact same market basket of goods.
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This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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Forgotten Books publishes hundreds of thousands of rare and classic books.
This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
This text has been digitally restored from a historical edition. Some errors may persist, however we consider it worth publishing due to the work's historical value.
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