Calibration of Incomplete Demand Systems in Quantitative Analysis

John Beghin (), Jean-Christophe Bureau and Sophie Drogué

ISU General Staff Papers from Iowa State University, Department of Economics

Abstract: An easily implemented and flexible calibration technique for partial demand systems is introduced, combining recent developments in incomplete demand systems and a set of restrictions conditioned on the available elasticity estimates. The technique accommodates various degrees of knowledge on cross-price elasticities, satisfies curvature restrictions, and allows the recovery of an exact welfare measure for policy analysis. The technique is illustrated with a partial demand system for food consumption in Korea for different states of knowledge on cross-price effects. The consumer welfare impact of food and agricultural trade liberalization is measured.

Date: 2004-01-01
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Related works:
Journal Article: Calibration of incomplete demand systems in quantitative analysis (2004)
Working Paper: Calibration of Incomplete Demand Systems in Quantitative Analysis, The (2004)
Working Paper: THE CALIBRATION OF INCOMPLETE DEMAND SYSTEMS IN QUANTITATIVE ANALYSIS (2003)
Working Paper: The Calibration of Incomplete Demand Systems in Quantitative Analysis (2003)
Working Paper: Calibration of Incomplete Demand Systems in Quantitative Analysis, The (2003)
Working Paper: Calibration of Incomplete Demand Systems in Quantitative Analysis, The (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:isu:genstf:200401010800001344

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