The Nested PIGLOG Model: An Application to U.S. Food Demand

Nicholas E. Piggott

56 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 A new demand system is introduced, the Nested PIGLOG model, nesting thirteen other demand systems including five that are also new. This new model and its nested special cases are applied to models of U.S. food demand that include food‐at‐home (FAH), food‐away‐from‐home (FAFH), and alcoholic beverages. Although nested tests and out‐of‐sample forecasting performance favor generalizing models to a certain degree, statistically insignificant improvements to in‐sample‐fit and even poorer out‐of‐sample forecast accuracy undermine further generalizations. Based on a subset of preferred models, FAFH is found to be price and income elastic compared to FAH which is price and income inelastic.

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References

1980An Almost Ideal Demand System 1975Transcendental Logarithmic Utility Functions 1981On the bias in flexible functional forms and an essentially unbiased form 1975Aggregation, Income Distribution and Consumer Demand 1982Unbiased determination of production technologies 1987Household Consumption of Food‐Away‐From‐Home: Total Expenditure and by Type of Food Facility 1987A Globally Flexible, Almost Ideal Demand System 1993Working Wives and Food away from Home: The Box‐Cox Double Hurdle Model

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