Consumer preferences and demand systems

William Barnett and Apostolos Serletis

MPRA Paper from University Library of Munich, Germany

Abstract: This paper is an up-to-date survey of the state-of-the-art in consumer demand modelling. We review and evaluate advances in a number of related areas, including different approaches to empirical demand analysis, such as the differential approach, the locally �flexible functional forms approach, the semi-nonparametric approach, and a nonparametric approach. We also address estimation issues, including sampling theoretic and Bayesian estimation methods, and discuss the limitations of the currently common approaches. We also highlight the challenge inherent in achieving economic regularity, for consistency with the assumptions of the underlying neoclassical economic theory, as well as econometric regularity, when variables are nonstationary.

Keywords: Representative consumer; Engel curves; rank; flexible functional forms; parametric tests; nonparametric tests; theoretical regularity (search for similar items in EconPapers)
JEL-codes: C11 C14 C30 C50 (search for similar items in EconPapers)
Date: 2008-04-22
New Economics Papers: this item is included in nep-ecm
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Citations: View citations in EconPapers (108)

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Related works:
Journal Article: Consumer preferences and demand systems (2008)
Working Paper: Consumer preferences and demand systems (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:8413

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