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EVALUATING THE LINEARIZED ALMOST IDEAL DEMAND SYSTEM
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AI
DOI：10.2307/1243739.png)
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摘要
En 中文
Linearizing the Almost Ideal Demand System (LAIDS) by recourse to the Stone share weighted price index is common practice. Two issues are addressed here. First, scrutiny of the errors-in-variables implications of the linearization reveals that, not only is the SUR estimator inconsistent, but a consistent IV estimator cannot be constructed. Second, some alternatives to the Green-Alston elasticities specifically designed for the LAIDS model are developed, but neither these nor the Green-Alston elasticities are found to have any advantages over the conventional elasticity formulae. Some errors in the Green-Alston (1990) paper are corrected. The inconsistency and elasticity issues are documented by a Monte Carlo investigation.
Keyword:
ALMOST IDEAL DEMAND SYSTEM
INCONSISTENCY
INSTRUMENTAL VARIABLES
MONTE-CARLO
SEEMINGLY UNRELATED REGRESSIONS
