An application of cointegration theory in the estimation of the Almost Ideal Demand system for food consumption in Bulgaria

Kelvin Balcombe · Junior Davis

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Economics of Agriculture and Food Markets Agricultural economics and policies Consumer Market Behavior and Pricing

Abstract

Abstract The Almost Ideal Demand system is applied to consumption in Bulgaria. It is argued that the conventional estimation of the Almost Ideal model should be done within the framework of contemporary time series methodology. In this paper, the canonical comtegrating regression procedure of Park is applied. It is argued that the results of the Almost Ideal Demand system that are presented are consistent with both theory and ‘casual’ observation of consumer behaviour in Bulgaria.

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References

1987Co-Integration and Error Correction: Representation, Estimation, and Testing 1979Distribution of the Estimators for Autoregressive Time Series with a Unit Root 1978Specification Tests in Econometrics 1988Statistical analysis of cointegration vectors 2002Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis 1990Statistical Inference in Instrumental Variables Regression with I(1) Processes 1980An Almost Ideal Demand System 1991Heteroskedasticity and Autocorrelation Consistent Covariance Matrix Estimation

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