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: C14 C50 C30 C11 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ecm
Date: 2008-04-22
View list of references View citations in EconPapers

Downloads: (external link)
http://mpra.ub.uni-muenchen.de/8413/

Related works:
Working Paper: Consumer preferences and demand systems (2008)
Journal Article: Consumer preferences and demand systems (2008)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:pra:mprapa:8413

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany
Address: Schackstr. 4, D-80539 Munich, Germany
Contact information at EDIRC.
Series data maintained by Ekkehart Schlicht ().