MEASURING PRE-COMMITED QUANTITIES THROUGH CONSUMER PRICE FORMATION
Thomas Marsh and
No 152165, 2013 Conference (57th), February 5-8, 2013, Sydney, Australia from Australian Agricultural and Resource Economics Society
We investigate how to theoretically and empirically measure pre-committed quantities through price formation utilizing translating in the consumer distance function. The translated consumer distance function is defined as a dual to the translated utility, indirect utility, and expenditure functions. Translating procedures also provide more general analytical means to incorporate pre- committed quantities (and other shift or demographic variables) into inverse demand systems. This approach yields a class of inverse demand functions that can nest most known functional forms. For example, the Inverse Generalized Almost Ideal Demand (IGAI) model can be formed by applying translating procedures to the Inverse Almost Ideal Demand model. An empirical example of the IGAI model with inferences on the translating parameters themselves is provided for illustrative purposes.
Keywords: Consumer/Household Economics; Demand and Price Analysis; Research Methods/ Statistical Methods (search for similar items in EconPapers)
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