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A System-Wide Analysis of International Consumption Patterns : Synthese Library (Hardcover) - Saroja Selvanathan

A System-Wide Analysis of International Consumption Patterns

Synthese Library (Hardcover)

Hardcover Published: July 1993
ISBN: 9780792323440
Number Of Pages: 342

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The modern system-wide approach to applied demand analysis emphasizes a unity between theory and applications. Its firm foundations in economic theory make it one of the most successful areas of applied econometrics. A System-Wide Analysis of International Consumption Patterns presents a large number of applications of recent innovations in the area and uses consumption data for 18 OECD countries to provide convincing evidence, one way or the other, about the validity of consumption theory. The empirical results presented in the book have a number of uses. Reliable estimates of income and price elasticities of demand are provided for 10 commodity groups in 18 countries. A feature of these results is that a number of major empirical regularities are identified that seem to hold across different periods and different countries. A System-Wide Analysis of International Consumption Patterns also presents an extensive application of recently developed Monte Carlo testing procedures - to test demand theory and the structure of preferences. The results so obtained are in stark contrast to most previous findings based on the conventional asymptotic tests. Other results presented in the book include: (i) Differences in economic variables (prices and and incomes in particular) account for observed differences in consumption patterns internationally, while differences in tastes seem to play a much smaller role. (ii) Own-price elasticities are approximately proportional to the corresponding income elasticities, a result coinciding with Pigou's law. (iii) The income elasticity of the marginal utility of income does not seem to depend on income, which contradicts the famous Frisch's conjecture.

Preface
Technical Notes
Acknowledgements
Introduction
The System-Wide Approach to Consumption Economicsp. 3
Two Examplesp. 5
More on the Linear Expenditure Systemp. 8
Recent Innovations in the System-Wide Approachp. 9
International Consumption Comparisonsp. 12
Some International Consumption Datap. 14
Indexes of International Consumption Datap. 16
Some Results from the LPW Studyp. 21
The Rotterdam Modelp. 24
Working's Modelp. 25
Working's Model and Differential Demand Equationsp. 30
Further Evidence on Working's Modelp. 32
A Demand System for the Worldp. 36
The Comparability of International Datap. 40
Policy Implicationsp. 42
Empirical Regularities in OECD Consumption
The OECD Databasep. 59
Budget Shares and Price and Quantity Log-changesp. 60
Divisia Momentsp. 68
Relative Prices and Consumptionp. 73
Double-Log Demand Equationsp. 82
A Bird's Eye View of the Elasticitiesp. 91
Is there a Relationship Between the Price and Income Elasticities?p. 95
The Relationship Between the Autonomous Trends and Income and Price Elasticitiesp. 99
A Nonparametric Picture of Prices and Quantitiesp. 101
More on the Nonparametric Picturep. 113
Do OECD Consumers Obey Demand Theory?
The Demand Modelp. 129
Demand Homogeneityp. 131
Slutsky Symmetryp. 135
Theil's Monte Carlo Testp. 137
Specifying the Covariance Matrixp. 145
The Performance of Alternative Specifications of [Sigma]p. 146
Monte Carlo Testing of Homogeneity for the OECDp. 149
Monte Carlo Testing of Symmetry for the OECDp. 154
Monte Carlo Testing of Preference Independence for the OECDp. 156
The Implied Demand Elasticitiesp. 162
More on the Elasticitiesp. 165
How Similar Are OECD Consumers?
Model I: A Demand System for Each of the 15 Countriesp. 186
Model II: Common Demand Parametersp. 188
Model III: A Formally Pooled Demand Systemp. 196
Model IV: Theil's Cross-Country Demand Systemp. 199
Comparison of the Modelsp. 201
More on the Comparisonp. 206
Do the Demand Parameters Depend on Income and Pricesp. 209
The Reliability of ML Estimators of Systems of Demand Equations
The Estimatesp. 253
The Simulation Procedurep. 259
The Simulation Results for Seven Countries with the Usual Covariance Matrixp. 260
The Simulation Results for Eighteen Countries with the Alternative Covariance Matrixp. 264
The Simulation Results for the Pooled Modelp. 268
Further Evidence on the Frisch Conjecture
Estimating the Income Flexibilityp. 304
322 Estimates of the Income Flexibilityp. 307
A Constant Income Flexibility for Each Countryp. 308
Testing Frisch's Conjecturep. 314
Comparison with Other Studiesp. 318
Subject Indexp. 335
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9780792323440
ISBN-10: 0792323440
Series: Synthese Library (Hardcover)
Audience: General
Format: Hardcover
Language: English
Number Of Pages: 342
Published: July 1993
Publisher: Springer
Country of Publication: NL
Dimensions (cm): 23.39 x 15.6  x 2.06
Weight (kg): 0.69

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