Empirical models of meat demand: How do they fit out of sample?
✍ Scribed by Dale M. Heien; Tzy-Ning Chen; Yu-Lan Chien; Alberto Garrido
- Publisher
- John Wiley and Sons
- Year
- 1996
- Tongue
- English
- Weight
- 989 KB
- Volume
- 12
- Category
- Article
- ISSN
- 0742-4477
No coin nor oath required. For personal study only.
✦ Synopsis
Out of sample tests were pegormed on two meat demand models: the linear, relative-price real-income specijlcation and the almost ideal demand system. Variants of each model included seasonal effects and habit formation. Estimation procedures included single equation OLS, seemingly unrelated regression, and autocorrelation corrections. The models were tested over five dz' erent time periods. The study found that no particular model consistently outperformed the others. This was true over dzfferent time periods, across commodities, and across specijications and estimation techniques. A ~2 goodness of fit test could not reject the hypothesis that outcomes were unijormly distributed by classes. There was little statistical difference between the top five model types. At the 5% level, the best predicting model was not signijicantly different from the top four contenders in a mjority of the 15 test cases. 01996 John Wiley & Sons, h c .