Evaluating Prior Beliefs in a Demand System: The Case of Meat Demand in Canada

James A. Chalfant, Richard Gray and Kenneth J. White

American Journal of Agricultural Economics, 1991, vol. 73, issue 2, 476-490

Abstract: An almost ideal demand system for meats is estimated using Canadian data. A Bayesian approach is used to impose inequality restrictions on substitution elasticities, via Monte Carlo integration and importance sampling, in order to conform with prior beliefs about curvature and monotonicity restrictions and substitution relationships. Results are more consistent with the concavity and monotonicity restrictions from demand theory than with the added restriction that all meats are substitutes.

Date: 1991
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Working Paper: Evaluating Prior Beliefs in a Demand System: The Case of Meats Demand in Canada (1989)
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:73:y:1991:i:2:p:476-490.

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