Semiflexible Almost Ideal Demand System, The

GianCarlo Moschini

Staff General Research Papers Archive from Iowa State University, Department of Economics

Abstract: The concept of a semiflexible functional form is applied to the almost ideal demand system. This yields a demand model that is more parsimonious than standard ones while preserving a degree of flexibility, that satisfies the curvature property of concavity of the underlying expenditure function (at least locally), and that preserves the desirable properties of the almost ideal model--aggregation across consumers and nonlinearity of the Engel curves. The model is illustrated with an application to a relatively large demand system emphasizing food consumption.

Date: 1998-01-01
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Published in European Economic Review 1998, vol. 42, pp. 349-364

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Journal Article: The semiflexible almost ideal demand system (1998)
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