INCOMPLETE DEMAND SYSTEMS AND SEMILOGARITHMIC DEMAND MODELS

Jeffrey T. LaFrance

73 citations0/0 files storedAustralian Journal of Agricultural Economics

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Economics of Agriculture and Food Markets Agricultural economics and policies Economic and Environmental Valuation

Abstract

The methodology of LaFrance and Hanemann for analysing the structure of incomplete demand systems is applied to models that are linear or logarithmic in quantities, prices and/or income. The structure of each model is presented when the implications of consumer choice theory are satisfied. The usefulness of the approach is illustrated. It is shown that considerable prior information is obtained from the theory of consumer choice when it is applied to this set of functional forms for demand equations.

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2008Exact Consumer's Surplus and Deadweight Loss 1978The Theory and Measurement of Consumer Demand.1971Estimation of Net Social Benefits from Outdoor Recreation 1971The Concept of Economic Surplus and Its Use in Economic Analysis 1977An Econometric Evaluation of a Generalized Consumer Surplus Measure: The Mineral King Controversy 1985Linear demand functions in theory and practice 1975A Disaggregate Analysis of Consumer Choice under Uncertainty 1985Regulation in a Dynamic Market: The U.S. Dairy Industry

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2006Improving environmental valuation estimates through consistent use of revealed and stated preference information

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