Accounting for Non-stationarity in Demand Systems

Ronald Bewley and Graham Elliott ()

Chapter 4 in Contributions to Consumer Demand and Econometrics, 1992, pp 58-73 from Palgrave Macmillan

Abstract: Abstract In the mid-1960s Barten (1964) and Theil (1965) developed the first widely-recognized demand system, the so-called Rotterdam model, that was sufficiently general to permit the testing of homogeneity and symmetry. Later that decade, Theil (1969) introduced ‘The Multinomial Extension of the Linear Logit Model’ and manipulated it to show its connection with the Rotterdam model.

Keywords: Unit Root; Demand System; Budget Share; Spurious Regression; Homogeneity Restriction (search for similar items in EconPapers)
Date: 1992
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DOI: 10.1007/978-1-349-12221-9_4

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