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An empirical comparison of flexible demand system functional forms

โœ Scribed by Douglas Fisher; Adrian R. Fleissig; Apostolos Serletis

Publisher
John Wiley and Sons
Year
2001
Tongue
English
Weight
145 KB
Volume
16
Category
Article
ISSN
0883-7252

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โœฆ Synopsis

Abstract

This paper compares the performance of eight frequently used flexible forms that are either (1) locally flexible, (2) โ€˜effectively globally regularโ€™, or (3) asymptotically globally flexible. Results show that the functions with global properties generally perform better, particularly those models having asymptotic properties. Results, using US consumption data, indicate substitutability among the components of consumption at most data points. There is also some interesting substitution volatility around the time of recessions in the USA. Copyright ยฉ 2001 John Wiley & Sons, Ltd.

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