Fluid Milk Purchases: A Multivariate Tobit Analysis

Jorge Cornick, Thomas L. Cox and Brian W. Gould

American Journal of Agricultural Economics, 1994, vol. 76, issue 1, 74-82

Abstract: We formulate an econometric model of fluid milk expenditures, taking into account two important characteristics: expenditures may be censored at zero and may be interdependent across milk type. Censoring of fluid milk expenditures is addressed with a generalized Tobit system estimator. Interdependence of milk expenditures is examined through a likelihood function with no restrictions on elements of the Engel curve error covariance matrix. Expenditure function parameters are estimated using a March 1991 to March 1992 U.S. consumer panel.

Date: 1994
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:76:y:1994:i:1:p:74-82.

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