Consumer preferences and demand systems

William Barnett () and Apostolos Serletis ()

No 200801, WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS from University of Kansas, Department of Economics

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 di¤erent approaches to empirical demand analysis, such as the di¤erential approach, the locally .exible 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: D12 E21 (search for similar items in EconPapers)
Date: 2008-01, Revised 2008-01
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Related works:
Working Paper: Consumer preferences and demand systems (2008)
Journal Article: Consumer preferences and demand systems (2008)
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Persistent link: http://EconPapers.repec.org/RePEc:kan:wpaper:200801

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