Samuelson's Full Duality and the Use of Directed Acyclical Graphs

Matthew Stockton (), Oral Capps and David Bessler ()

Journal of Applied Economics, 2008, vol. 11, issue 1, 167-191

Abstract: To date, mixed demand systems have been all but ignored in empirical work. A possible reason for the scarcity of such applications is that one needs to know a priori which prices and quantities are endogenous in the mixed demand system. By using a directed acyclical graph (DAG), causal relationships among price and quantity variables are identified giving rise to a causally identified mixed demand system. A statistical comparison is made of the traditional Rotterdam model, a synthetic demand system, which subsumes the traditional Rotterdam model, and a Rotterdam mixed demand system identified through the use of a DAG. In this analysis, the respective demand systems consist of five products: steak, ground beef, beef roasts, pork, and chicken.

Date: 2008
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DOI: 10.1080/15140326.2008.12040503

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