Units of Measurement and the 'Stone Index' In Demand System Estimation

GianCarlo Moschini

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

Abstract: The Stone index typically used in estimating linear almost ideal demand systems is not invariant to changes in units of measurement, which may seriously affect the approximation properties of the model. A modification to the Stone index, or use of a regular price index instead, are both desirable practices in estimating linear AI models.

Date: 1995-02-01
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Published in American Journal of Agricultural Economics, February 1995, vol. 77 no. 1, pp. 63-68

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Journal Article: Units of Measurement and the Stone Index in Demand System Estimation (1995)
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