Introducing Asymmetric Separability in the FAST Multistage Demand System
Jason Bergtold () and
No 19497, 2005 Annual meeting, July 24-27, Providence, RI from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)
This paper determines the set of parametric restrictions required to maintain flexibility under asymmetric weak separability for the flexible and separable translog (FAST) multistage demand system. Because there is not a unique set of parametric restrictions that ensures separability and the values of the unconditional price and expenditure elasticities depend on the parametric restrictions imposed, the appropriateness of a chosen set of parametric restrictions should be tested empirically. An empirical example that illustrates how the choice of parametric restrictions affects the estimation results and the functional form of the price and expenditure elasticities is provided.
Keywords: Research; Methods/; Statistical; Methods (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea05:19497
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