Rotterdam model versus almost ideal demand system: will the best specification please stand up?

William A. Barnett · Ousmane Seck

69 citations0/0 files storedJournal of Applied Econometrics

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Economics of Agriculture and Food Markets Consumer Market Behavior and Pricing Economic and Environmental Valuation

Abstract

Abstract The Rotterdam model and the Almost Ideal Demand System (AIDS) are often applied in consumer demand systems modeling. Using Monte Carlo techniques, we determine which model performs best in recovering the true elasticities of demand. The AIDS model is usually used in linearized form. Since the Rotterdam model is also linear in a very similar form, comparison of the Rotterdam model and the AIDS model has been the subject of much speculation in the literature. We not only compare the linearized AIDS model with the Rotterdam model, but also with the full nonlinear AIDS. Copyright © 2008 John Wiley & Sons, Ltd.

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1980An Almost Ideal Demand System 1980Economics and Consumer Behavior 1961Capital-Labor Substitution and Economic Efficiency 1997Quadratic Engel Curves and Consumer Demand 1971An Application of the Shephard Duality Theorem: A Generalized Leontief Production Function 1975Transcendental Logarithmic Utility Functions 1981On the bias in flexible functional forms and an essentially unbiased form 1934A Reconsideration of the Theory of Value. Part I

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