The rank and model specification of demand systems: an empirical analysis using United States microdata

A rank-three demand system is estimated with United States Consumer Expenditure Survey microdata. A unique price data set is also used, which permits the analysis of effects of systematic errors in price variables. It is found that errors in price variables bias test results for the rank-three hypothesis, in particular towards rejection. Other test results are affected to a lesser extent. Estimating smaller systems of demand equations, even when conditioning on excluded goods, yields significantly different results. Another important conclusion is that model specification is statistically significantly different for households of varying family sizes and housing tenure statuses. JEL Classifications: C31, D12.
Le rang et la spécification du modèle des systèmes de demande: une analyse empirique utilisant des microdonnées américaines. On calibre un système de demande de rang trois à l'aide de microdonnées américaines tirées de la United States Consumer Expenditures Survey. Un ensemble unique de prix est utilisé afin de permettre l'analyse des effets d'erreurs systématiques dans les variables de prix. Il appert que les erreurs dans les variables de prix distorsionnent les résultats du test de l'hypothèse de rang trois en faveur d'un rejet. D'autres résultats de tests sont affectés à un moindre degré. Si l'on calibre de plus petits systèmes d'équations de demande, même en posant des conditions sur des biens exclus, des résultats qui diffèrent de manière significative s'ensuivent. Une autre conclusion importante est que la spécification du modèle est différente de manière statistiquement significative pour les ménages selon la taille de la famille et le statut domiciliaire.     

来自伦敦的启发

今天早上我读了一条最令人惊奇的新闻,说的是在英国,每天早上交通高峰期间,伦敦是拥有最低人均碳排放的城市。这就是我们从书本上了解到的世界上受雾的影响最严重的城市之一,也就是《雾都孤儿》里的那个伦敦。那么,新闻中所说的现象是怎么形成的呢？     

冬风啊,那个吹

毋庸置疑,冬天来临了.每天早晨,在我们公寓楼周围打扫卫生的学生手里装落叶的袋子变得越来越大.但是,随着树叶几乎全部脱落,灰色的树枝像失去了颜色的肢体一样,在树干上蔫头耷脑地伸展开来,学生们的工作也渐见尾声.数日前,在超市中,被挤得几乎要挪不动步.大量的购物者在卖保暖内衣的地方仔细地翻来翻去,寻找穿起来舒服、暖和和性价比高的保暖内衣.今天,我在教室里注意到几个女孩甚至一两个男孩已经戴上了手套.     

什么是"非物质文化遗产"?

对"文化遗产"一词,每个社会都有自己的看法.根据联合国教科文组织在2003年召开的第32届大会上与会国达成了共识,我们可以看到非物质文化遗产如下几方面内涵.     

因为阅读是一件好事

扫盲是首要的而且是最重要的步骤,但并不是最终步骤。阅读远不是可以辨认那些打印页面上的字就可以了。我们需要鼓励人们掌握有理解和分辨的能力阅读。教育是要培养有洞察力的读者,他们渴望通过文字和语句得到隐藏在它们之后的用意和含义。     

有爱的日子

去年,估计有10亿张情人节卡片在全球被送出。2009年的情人节在美国产生了150亿美元的销售额。如今,这个现象在中国也呈现强劲增长的势头,因此,看看这种势头是如何发展起来的,以及这种现象意味着什么。     

Hayek and Keynes: From a common critique of economic method to different theories of expectations

The methodological positions of Hayek and Keynes contain striking similarities. Both authors opposed empiricist approaches to economics that assign priority to mere observation as the source of knowledge. Both emphasised intentionality, motivation and human agency. Notwithstanding this common ground, they had different conceptions of how beliefs are formed and had different explanations of thought and action in economics. Hayek grounded his explanation on an evolutionary theory of the mind, i.e. on psychological premises, whereas Keynes based his view of belief formation on probable reasoning, where probability is a logical concept. Starting from psychological premises Hayek maintained that individuals act rationally only by following rules. As a consequence, he considered conventional expectations to be the primary guide for agents in economic life. Keynes agreed that conventional expectations actually guide economic behaviour, but he maintained that they are justified only in situations of total ignorance. In conditions of limited knowledge, agents can base their action on reasonable expectations, independently of conventions. Moreover, agents?particularly those institutions responsible for economic policy?ought to shun conventional behaviour in order to counteract its negative social consequences. We argue that Keynes's theory of expectations is well grounded upon his theory of logical probability. Hence his advocacy of discretionary policy is rationally justified.     

婚礼昏谈

上个礼拜六,我以前的两个学生结婚,他们非常热情地邀请我去参加他们的婚礼.当我在婚礼上跟他们的亲戚们聊天的时候,有人问我一共参加过几次中国婚礼.     

英国的爹妈是如何抚养孩子的？

“How long is a piece of string?” To ask how much it costs to rear a child from birth to eighteen in the United King- dom is a bit like asking that, but there is no doubt that all parents feel that children are an expensive item. This is true at every stage of the young people’s development from birth right up to what the Chinese books on British culture de- scribe as “independence”. In some ways the younger the child, the greater the po- tential costs. Because of increased mobility, few…