A System of Demand Equations Satisfying Effectively Global Regularity Conditions

Russel J. Cooper · Keith R. McLaren

89 citations0/0 files storedThe Review of Economics and Statistics

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Abstract

A parametric specification of an indirect utility function in terms of expenditure and two unit cost functions.is.proposed. Specification of these unit cost functions in terms of regular functions leads to the notion of an "effectively globally regular" system of demand equations; that is, a system of demand equations that is regular over a cone in expenditure-price space, and for which the regular region includes all points in any given sample, and all values of nominal expenditure and prices generating higher values of real expenditure than the sample minimum. This general model nests a number of popular demand systems, such as the Linear Expenditure System, as special cases. An empirical application demonstrates the value of the generalization.

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1980An Almost Ideal Demand System 1971An Application of the Shephard Duality Theorem: A Generalized Leontief Production Function 1975Transcendental Logarithmic Utility Functions 1987Flexible Functional Forms and Global Curvature Conditions 1975Aggregation, Income Distribution and Consumer Demand 1980Global Properties of Flexible Functional Forms 1985The Global Properties of the Minflex Laurent, Generalized Leontief, and Translog Flexible Functional Forms 1983New Indices of Money Supply and the Flexible Laurent Demand System

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