Consumer preferences and demand systems

William Barnett and Apostolos Serletis

Journal of Econometrics, 2008, vol. 147, issue 2, 210-224

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-non-parametric approach, and a non-parametric 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; Non-parametric; tests; Theoretical; regularity (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (108)

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Working Paper: 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:eee:econom:v:147:y:2008:i:2:p:210-224

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