BOX-COX TRANSFORMATIONS AND ERROR TERM SPECIFICATION IN DEMAND MODELS

James R. Blaylock and David Smallwood

Western Journal of Agricultural Economics, 1983, vol. 08, issue 01, 8

Abstract: This paper analyzes the influence of error-term specification and functional form on a quarterly demand model for beef. The Box-Cox transformation is used to generalize the functional form while the equation error term is postulated to be both heteroskedastic and autoregressive. Results indicated that both functional form and error-term specification can play a major role in elasticity estimation, elasticity behavior, and hypothesis testing.

Keywords: Demand; and; Price; Analysis (search for similar items in EconPapers)
Date: 1983
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Persistent link: https://EconPapers.repec.org/RePEc:ags:wjagec:32488

DOI: 10.22004/ag.econ.32488

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