Comparison of several demand systems
Xiaohua Yu () and
David Abler ()
No 103736, 2011 Annual Meeting, July 24-26, 2011, Pittsburgh, Pennsylvania from Agricultural and Applied Economics Association
Using Monte-Carlo simulation, , we compare the most popular demand systems including the LES, AIDS, BTL, QES, QUAIDS and AIDADS, and find that different models actually have different advantages in estimating different elasticities. Specifically, QES, AIDS and AIDADS models are the best in income, own-price and cross-price elasticities, respectively. Overall, AIDADS model has the best performance. The results indicate that the rank three models are not necessary always better than the rank two models.
Keywords: Consumer/Household Economics; Demand and Price Analysis; Research Methods/ Statistical Methods (search for similar items in EconPapers)
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