An empirical comparison of flexible demand system functional forms

Douglas Fisher, Adrian R. Fleissig and Apostolos Serletis
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Douglas Fisher: Department of Economics, North Carolina State University, Raleigh, North Carolina 27695-7506, USA, Postal: Department of Economics, North Carolina State University, Raleigh, North Carolina 27695-7506, USA
Adrian R. Fleissig: Department of Economics, California State University, Fullerton, CA 92834-6848, USA, Postal: Department of Economics, California State University, Fullerton, CA 92834-6848, USA

Journal of Applied Econometrics, 2001, vol. 16, issue 1, 59-80

Abstract: This paper compares the performance of eight frequently used flexible forms that are either (1) locally flexible, (2) 'effectively globally regular', or (3) asymptotically globally flexible. Results show that the functions with global properties generally perform better, particularly those models having asymptotic properties. Results, using US consumption data, indicate substitutability among the components of consumption at most data points. There is also some interesting substitution volatility around the time of recessions in the USA. Copyright © 2001 John Wiley & Sons, Ltd.

Date: 2001
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Related works:
Chapter: An Empirical Comparison of Flexible Demand System Functional Forms (2006)
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