Units of Measurement and the Stone Index in Demand System Estimation

GianCarlo Moschini

403 citations0/0 files storedAmerican Journal of Agricultural Economics

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

Abstract

Abstract The Stone index typically used in estimating linear almost ideal demand systems is not invariant to changes in units of measurement, which may seriously affect the approximation properties of the model. A modification to the Stone index, or use of a regular price index instead, are both desirable practices in estimating linear AI models.

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1923The Making of Index-Numbers.

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