Errors-in-variables in demand systems |
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Authors: | David C Stapleton |
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Institution: | Dartmouth College, Hanover, NH 03755, USA |
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Abstract: | The rejection of symmetry and other restrictions in demand systems may be due to measurement errors in the exogenous variables. It is shown that symmetry conditions can be used to identify and consistently estimate a linear model's parameters when measurement error exists. Several identification rules are derived and estimation of identified models is considered. Results are applied to estimation of the Almost Ideal Demand System for the United Kingdom. |
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