the demand for physician services evidence from a natural experiment this study exploits a natural experiment in belgium to estimate the effect of copayment increases on the demand for physician services it shows how a differences in differences dd estimator of the price effects can be decomposed into effects induced by the common average proportional price increase income effects and by the change in relative prices substitution effects the price elasticity of a uniform proportional price increase is relatively small 0 13 for men and 0 03 for women substitution effects are large especially for women but imprecisely estimated despite the substantial price increases the efficiency gain of the reform if any is modest

demand elasticities for food products in brazil a two stage budgeting system the object of this article is to estimate demand elasticities for a basket of staple food important for providing the caloric needs of brazilian households these elasticities are useful in the measurement of the impact of structural reforms on poverty a two stage demand system was constructed based on data from household expenditure surveys pof produced by ibge the brazilian bureau of statistics in 1987 88 and 1995 96 we have used panel data to estimate the model and have calculated income own price and cross price elasticities for eight groups of goods and services and in the second stage for 11 sub groups of staple food products we estimated those elasticities for the whole sample of consumers and for two income groups

is utility additive the case of alcohol the hypothesis of additive utility or preference independence is often applied to the demand for broad aggregates recent testing provides some evidence favourable to the hypothesis thus overturning the older results based on the standard asymptotic tests which are seriously biased against the null in small samples using data for seven countries and a variety of tests this paper shows that preference independence also cannot be rejected for more narrowly defined commodities beer wine and spirits the implications of the results for efficient taxation of alcoholic beverages are also explored

broadcast advertising and u s demand for alcoholic beverages quarterly data for 1977 1994 on alcohol consumption and advertising are used to estimate a differential demand system including explanatory variables for broadcast advertising and print advertising the model explains the growth rate of per capita consumption dependent on explanatory variables for prices real income demographic changes and real advertising by media and beverage empirical results also are reported for total consumption of pure alcohol the results for the three beverages and total alcohol indicate that advertising has little or no effect on demand the empirical evidence thus supports the notion that regardless of media advertising affects mainly brand shares

a generalization of working s model abstract working s 1943 model states that budget shares are linear functions of the logarithm of income it implies constant differences between corresponding marginal and budget shares a one parameter generalization is proposed which allows each marginal share to be a linear function of the corresponding budget share this model can be further extended with one extra parameter so that all goods are either specific substitutes or specific complements

maximum likelihood and instrumental variable estimation of a consumer demand system for japan and sweden abstract working s model with a substitution term added is applied to annual per capita data of japan and sweden the model is estimated by ml and iv methods and the variability of the iv estimates is evaluated by means of bootstrap methods

engel s law diet diversity and the quality of food consumption increasing income brings about a decline in the relative importance of food consumption a wider spread of spending patterns and a demand for higher quality goods using an index number approach this article analyzes these three closely related tendencies stripping out the impact of prices from the dispersion of food expenditures gives a volume based measure of diet diversity that is relevant for nutrition using unpublished data from the world bank s international comparison program for 31 items of food in more than 150 countries we find that diets of rich countries are substantially more diverse than those of the poor and that volumes are the more appropriate way to measure the inequality of diversity the quality of the food basket based on the luxury necessity distinction of consumption increases with income but the elasticity is small there is a modest tendency for the structure of prices to be regressive since prices of luxuries relative to necessities are lower in richer countries additionally our diversity and quality measures are shown to have implications for demand analysis and well being

how trustworthy are the standard errors of translog coefficients abstract a simulation study indicates that the conventionally computed asymptotic standard errors of the ml estimates of the parameters of the indirect translog model underestimate the true variability of these estimates

an inverse demand system for new england groundfish welfare analysis of the transition to catch share management the welfare effects of the 2010 transition from days at sea to catch share management in the northeast u s groundfish fishery are examined by combining a model of groundfish demand with a simulation based model of supply counterfactual supply is constructed based on the days at sea system that was recalibrated to meet mandated conservation goals due to the decreases in catch that were required to meet those goals the 2010 policy undoubtedly resulted in worse outcomes for both producers and consumers compared to 2009 however the conservation equivalent days at sea system would have been far worse for both consumers and producers copyright 2013 oxford university press

regulating banks through market discipline a survey of the issues abstract the interest in the application of market discipline to regulate the financial industry has boomed recently due to the proposed new capital accord this paper reviews the potential role market discipline can play in financial regulation we start with a discussion of the rationale for financial regulation and with a brief history of the current regulatory mechanisms next a definition of market discipline as a regulatory mechanism is advanced we evaluate the disciplining power various market participants have finally we argue that more external risk management disclosure is a condition sine qua non in order to enable market discipline as a regulatory mechanism in this respect the basle committee has taken the right approach

the effects of price and smoking risk information on the demand for tobacco in taiwan an empirical study this study evaluates the effects of a cigarette price increase and smoking risk information on tobacco consumption in taiwan tobacco price expenditure and an index of smoking risk information for taiwan were introduced into a central bureau of statistics cbs demand model to estimate several cigarette demand elasticity coefficients according to this model increasing the cigarette price is a more effective means of reducing cigarette consumption than disseminating more risk information in addition we found that a price rise of nt 5 per cigarette pack would cause a reduction in the consumption of domestic and imported cigarettes of 3 23 and 4 86 packs per capita respectively total per capita consumption of cigarettes would be reduced annually by 8 09 packs 7 56 despite this reduction in cigarette consumption the increase in cigarette price would at the same time lead to a significant net increase in tax revenue to the taiwan government

a microeconometric model analysis of us consumer demand for alcoholic beverages this paper discusses the specification and estimation of a two stage budgeting consumer demand for alcoholic beverages using 1987 88 usda individual and household food consumption survey data the upper level first stage budgeting decision is modelled via a gamma tobit model the lower level second stage budgeting allocates alcohol expenditure via a synthetic demand system for beer spirits and wine the synthetic system is constructed via a normalized linear combination of the level rotterdam cbs and an aids equivalent model data on individual three day alcohol consumption from the individual food intake survey are used for analysis while price and household characteristics information are obtained from the house hold food intake survey the results show that some individual and household characteristic variables as well as economic variables have significant impacts on consumer demand for alcoholic beverages

a class of differential demand systems abstract the rotterdam almost ideal demand system cbs and nbr models constitute a class of differential demand systems they correspond to alternative assumptions made concerning the constancy of certain parameters this paper discusses the restrictions that they impose on the evolution of demand elasticities over time

household food consumption in the dominican republic effects of income price and family size between may 1976 and april 1977 the central bank of the dominican republic conducted the first nationwide survey of household income and expenditure ever taken in the country the only previous survey of this kind was conducted in 1969 by the national statistical office and was limited to the capital city of santo domingo fifteen municipios including the principal cities of the country were included automatically in the new sample another 24 municipios were chosen to represent the rest of the country and urban and rural samples were drawn separately in each applying a sampling probability of 1 200 to the estimated 889 313 households in the country led to an initial sample of over 4 400 observations of which 4 028 1 681 urban and 2 347 rural remain in the final data after cleaning

real exchange rates and divisia moments of world trade abstract this paper introduces new indexes of prices and quantities of world trade and demonstrates their link with real exchange rates these indexes are applied to data from the group of seven countries one of our results is that the elasticity of exports with respect to the real exchange rate is 0 4

differential consumer demand systems it is shown in this paper that several well known systems like the rotterdam model and the almost ideal demand system can be seen as different parametrizations of the budget share differential equation using a third parametrization a new system called the cbs system is developed and discussed special attention is given to the relative price version of the system and in particular to the special case of preference independence some estimates for the netherlands based on time series for 1953 1981 using various approaches are presented

engel curves and systems of demand functions abstract the functional forms of the engel curves implied by several popular complete systems of demand functions are discussed among the systems are those generated by generalized quadratic indirect utility the translog system the generalized leontief system etc the linear and quadratic expenditure systems and deaton and muellbauer s pigl and aids a new system which can produce the engel curves of all these systems as special cases is suggested the different engel curves are tested against data from a norwegian survey of consumer expenditure this is done both in a complete system of engel curves for eight commodities and commodity by commodity

entrepreneurship social mobility and income redistribution in south india development economists have been preoccupied with the problem of increasing the size of the gnp pie to the relative neglect of its distribution despite the recent disenchantment with the viewpoint that all classes share in the benefits of industrial growth empirical data on the distribution of income business opportunity and economic power are in short supply many of the studies on entrepreneurship and economic development when they are not apologetics for ruthless capitalist exploitation as paul baran suggests extol the achievements of the capitalist entrepreneur without examining class origins and monopoly advantage joseph schumpeter sees entrepreneurs irrespective of class origin as heroic figures with the dream and will to found a private kingdom to conquer adversity to achieve success for its own sake and to experience the joy of creation for gustav papanek 1967 the private entrepreneur who is frugal diligent far sighted remarkably able and willing to take political risks is in large part responsible for the success of pakistan in achieving rapid industrialization

a time preference measure of the social discount rate for the uk in this study the social discount rate for the uk is estimated the result compared with the treasury approved rate and the main associated policy implications considered a case is argued for reducing the official discount rate in appraisals involving all long term social projects the estimate of the elasticity of the marginal utility of consumption an important component of the discount rate is supported by plausible and statistically valid regression results the need for further work relating to other major european countries is identified so that discount rate comparisons can be made on a consistent basis

consumption patterns in sri lanka a decomposition analysis knowing consumer reaction to changes in prices and income is important in formulating microeconomic policies such as public utility prices and commodity taxation this paper analyses the consumpti

economic and demographic factors in australian alcohol demand in the last two decades total pure alcohol consumption in australia has declined by about 31 and currently it is at the same level as it was in the 1950s australians consumed about 10 litres of pure alcohol per person in 1982 and now the level has declined to about 7 litres of pure alcohol per person during the last four decades per capita beer consumption has reached a peak of 140 litres in 1975 and has fallen to a low 93 litres in 1999 wine consumption has increased four fold while spirits consumption has stayed around the same level this paper using the australian consumption data for beer wine and spirits for the period 1956 1999 aims to explain the change in consumption patterns of beer wine and spirits by considering the effects due to changes in economic and demographic factors the results show that while income and prices significantly influence the consumption patterns of alcohol the increasing australian elderly population also plays an important role

a cross country analysis of consumption patterns this paper uses the system wide approach to analyse the consumption patterns in 18 oecd countries the results show that on average the oecd per capita consumption increased by 3 per annum and prices increased by about 7 per annum oecd consumers spend about half of their income on food housing and transport it is also shown that in most oecd countries food housing and medical care are necessities and clothing durables transport and recreation are luxuries and that the demand for all goods considered are price inelastic the controversial hypothesis of stigler and becker 1977 that tastes are the same across countries is also tested and it is found that the oecd consumption data do not support their claim

on inferring individual behaviour from market behaviour in a predetermined quantities model this article develops the theoretical basis of individual behaviour recovered from market behaviour in a predetermined quantities model as applied economists argue an inverse demand system may be empirically sound within the framework of classical demand theory however it should not lead to the conclusion that the market responses for changes in quantity should be used to see welfare effects instead of the individual responses by price changes as far as the market is concerned it shows theoretically and empirically how individual responses can be recovered from market responses in a predetermined quantities model it suggests that the fundamental results of this article should be used on interpreting empirical results from the predetermined quantities models

on the flexibility of the rotterdam model abstract the rotterdam model is a discrete approximation to a continuous time model and the approximation errors are known to be small unlike other approximations with fixed parameters at the point of approximation the rotterdam model s coefficients differ at each observation but are treated as constants during estimation this procedure introduces relatively large approximation errors which are a potential source of bias in this paper the performance of the rotterdam model in reproducing the characteristics of four integrable demand systems is assessed as anticipated the model s performance is directly related to the variability of the underlying coefficients and the bias in the parameter estimates is minimal if the coefficients are relatively constant the model can also discriminate well against an invalid alternative hypothesis however in the absence of a computationally feasible varying parameter methodology the conclusion has to be that tests of parameter stability are essential when using the rotterdam model

tax reform results with different demand systems abstract we calculate the marginal welfare costs for a twelve commodity classification of the belgian indirect tax system price elasticities are estimated with rotterdam aids cbs and the linear expenditure system the ranking of the marginal welfare costs is similar when we use unrestricted estimates of the first three systems after the symmetry condition of the slutsky matrix is imposed the differences become more important however they diminish with increasing inequality aversion

technology change as a policy response to promote changes in land management for environmental benefits a previous study developed a framework for choosing among groups of policy mechanisms for encouraging environmentally beneficial land use change the framework highlights that these choices should depend on the relative levels of private or internal net benefits and public or external net benefits incentive based mechanisms polluter pays and or beneficiary pays and extension need to be targeted carefully to appropriate projects where private net benefits are close to zero and or public net benefits are more extremely positive or negative this article focuses on policy mechanisms that alter the net benefits of changing land management including r d to develop new technologies and training to improve the skill of landholders at using existing technologies these policy options are now treated more comprehensively within the public benefits private benefits framework benefits of technology change projects can include reductions in the opportunity cost of compliance with environmental programs increases in the public benefits of a particular type of land use change or improvements in private net benefits resulting in public benefits through greater or more rapid adoption by private landholders from an environmental management perspective technology development is most relevant where public net benefits of land use change are positive and private net benefits are negative but not highly negative there is a set of projects for which technology change is the only viable alternative to no action highlighting the importance of technology change in these cases

conspicuous consumption and race evidence from south africa abstract a century ago thorstein veblen introduced socially contingent consumption into the economic literature this paper complements the scarce empirical literature by testing his conjecture on south african household data and finds that black and coloured households spend relatively more on visible consumption than comparable white households following the approach of charles et al 2009 this paper explores whether the differences in visible expenditures can be explained with a signaling model of status seeking moreover it is assessed to which extent positional concerns motivate conspicuous consumption although the socially contingent share in visible consumption increases with income different incentives to consume conspicuously seem to explain that at every level of income black households spend relatively more on visible consumption than comparable white households in contrast to the findings of charles et al 2009 where differential spending on conspicuous consumption can be found also within each group separately the model s core hypothesis fails to hold within the group of white south africans

context dependent biodiversity conservation management regimes theory and simulations ecosystem degradation hasmotivated a search for successful conservation approaches the perceived failure of state directed protected areas in the tropics has prompted experimentation with community management and co management strategies numerous case studies suggest that none of these are effective universally there exists however little analytical or empirical work to identify under what conditions one arrangement will be more effective than another this paper develops a model of statedependent equilibrium conservation management design that identifies the comparative advantage of different managers in the interest of appropriately locating authority for conservation tasks as a function of prevailing biophysical economic and sociopolitical conditions

predicting within country household food expenditure variation using international cross section estimates there is a long and distinguished literature involving demand analysis using international cross section data such models are widely used for predicting national per capita consumption however there is nothing in this literature testing the performance of estimated models in predicting demands across the income spectrum within a single country this paper fills the gap we estimate an aidads model using cross section international per capita data and find that it does well in predicting food demand across the income distribution within bangladesh this suggests that there may be considerable value in using international cross section analysis to study poverty and distributional impacts of policies

empirical regularities in south african consumption patterns this article investigates a number of empirical regularities in the south african consumption patterns the data support the following empirical regularities 1 variability in consumption systematically exceeds the variability in prices 2 law of demand 3 income flexibility is about 0 5 4 engel s law and 5 the demand hypotheses demand homogeneity and slutsky symmetry are acceptable in contrast to the findings for a number of other countries another important empirical regularity that consumer s utility function is additive is rejected for the south african consumers based on the implied demand elasticity estimates from the preferred model it is found that food housing and medical care are necessities and clothing furniture transport and recreation are luxuries and demand for all the commodities are price inelastic

optimal regulation of deposit taking financial intermediaries a correction abstract this paper corrects a paper of david miles published in the european economic review in 1995 reversing some of the conclusions he draws solving his model correctly it turns out that because depositors are unable to monitor the default risk of individual banks moral hazard gives banks an incentive to increase risky lending prudential capital requirements reduce incentives to hold risky loans

public benefits private benefits and policy mechanism choice for land use change for environmental benefits the choice of policy mechanisms for encouraging environmentally beneficial land use change should depend on the relative levels of private or internal net benefits and public or external net benefits a map of recommended policy mechanisms is developed depending on the relative levels of these variables positive incentives negative incentives and extension need to be targeted carefully to appropriate projects where private net benefits are closer to zero and or public net benefits are more extremely positive or negative technology development is suggested where private net costs outweigh public net benefits no action is recommended for many potential projects

advertising and us alcoholic beverage demand system wide estimates the effects of advertising on consumption of alcoholic beverages in the us are analysed the goal is to obtain evidence on the importance of advertising at the level of beverage demand beer wine spirits and for total consumption of alcohol per capita gallons of ethanol a three equation conditional demand system is estimated that includes own and cros beverage advertising as explanatory variables four models of the differential demand system are estimated including the rotterdam aid cbs and nbr models using annual us data for the period 1964 90 on beverage consumption prices expednitures and real advertising estimates are obtained of the complete matrix of own and cross elascities for each beverage price and advertising at the beverage level the results indicate a positive butr very small effect of advertising on beverage consumption with most of the impact due to wine advertising and non due to beer advertising there is no efect of advertising in the composite demand function for al

divisia moments of greek consumption abstract greek consumption data 1951 1984 are used to compute divisia moments quantity variances tend to exceed price variances and the price quantity covariance is mostly negative in periods of high inflation the price variance increases while both the price quantity correlation and the income flexibility decrease

extending the sample size in cross country demand analysis abstract results from different phases of the international comparison project and from different sets of countries are compared and combined

meat and fish consumption patterns in saudi arabia abstractthis study analyses the demand for meat beef chicken and lamb and fish in saudi arabia in a system wide framework using data for the period 1985 2010 a preliminary data analysis reveals that in saudi arabia the relative consumption of beef chicken and fish has a positive growth while lamb has a negative growth the average relative price growth rates of beef chicken and fish are negative while that of lamb is positive the expenditure shares of beef chicken and fish have increased while that of lamb has fallen the estimation results of the demand system reveal that there is an autonomous trend out of lamb into beef chicken and fish the implied income elasticities indicate that beef lamb and fish are considered to be luxuries while chicken is a necessity the demand for all meat products and fish are price inelastic these elasticities are key inputs for policy analysts in terms of devising policies in relation to meat production meat imports taxation and food security issues in s

a cross section demand analysis of spanish provincial food consumption i follow the differential approach in building three demand models of spanish cross province food consumption patterns the models include quadratic income terms for estimating the widely varying income responses one expects from cross section data the proposed models are also flexible in permitting alternative levels of aggregation across goods a nonnested testing procedure is used to identify the best model both the flexibility of the quadratic income term and the flexibility of alternative aggregation levels are important in the analysis of spanish food consumption patterns

further results on aggregation of differential demand equations barnett 1979a 1981 theil s extending 1971 work aggregates differential demand equations in absolute undeflated prices this paper extends further these results by deriving aggregate macro demand equations in relative prices under stated assumptions these equations are analogous to the individual consumer s micro demand equations and the properties of the microcoefricients carry over

forms of scale curves and differential inverse demand systems this article provides a new interpretation of the scale effects in differential inverse demand systems a scale curve is defined as a curve that shows how the expenditure share of a good or service changes as the consumption level changes it is shown that brown lee and seale s synthetic model has the same scale effects as do the box cox scale curves in this light their model is not a mere composite but a model in its own right an empirical illustration given for japanese fresh food demand suggests that the underlying scale curves differ from both linear and loglinear forms

fundamental similarities in consumer behaviour diversities and similarities in international consumption patterns are highlighted a large body of data is used to identify cross country consumption differences and to understand these in terms of the familiar utility maximizing framework in which observed differences in prices and incomes play the key role taken as a whole the results reveal a surprising degree of similarity in international consumption patterns and support the idea that tastes are constant at least with respect to broad commodity groups

price formation of fish an application of an inverse demand system inverse demand systems explain price variations as functions of quantity variations they have properties analogous to those of regular demand systems there are very few examples of their empirical application in part this is due to lack of data for which price is the decision variable and the quantity given the case of fish landed at belgian sea ports appears to suit an inverse demand system well a rotterdam variant of such a system in estimated allais interaction intensities have been derived and show a reasonable pattern

model choice in consumer analysis taiwan 1970 89 expenditure data were used to study how income and prices influenced consumer demand in taiwan during the last decade alternative differential demand models combining the features of the rotterdam model and the almost ideal demand system aids were tested aids type demand responses describe taiwanese consumer behavior better than do the other specifications

a regional analysis of food consumption in spain abstract working s model of the engel curve is applied to food and staple food expenditures with two years spanish provincial data the functional form of working s model is tested against two other specifications and cannot be rejected the estimation results are quite comparable with those obtained by other authors we also find that spain has experienced a substantial change in the pattern of food consumption during the 1970s

the reliability of ml estimators of systems of demand equations evidence from oecd countries in large demand systems when the unknown error covariance matrix is approximated by its usual maximum likelihood estimator the coefficient estimates are known to suffer from two problems 1 the asymptotic standard errors severely understate the sampling variability of the estimates and 2 the efficiency of the maximum likelihood coefficient estimates is greatly impaired in this paper the author proposes an alternative estimator for the covariance matrix and evaluates its performance using time series data for oecd countries the author finds that there is a spectacular improvement copyright 1991 by mit press

divisia moments of australian consumption abstract quarterly australian consumption data 1959 1978 are used to compute divisia price and quantity indexes together with divisia variances and covariances the quantity variances tend to exceed the price variances and the price quantity covariances are mostly negative estimates of the income flexibility are also presented

inflation and relative prices a system wide approach abstract the paper introduces a system wide model for the analysis of the effects of inflation on relative prices this enables the identification of those commodities whose relative prices are distorted by inflation the model provides measures of the natural rate of relative price variability which is associated with zero inflation and the inflation rate which minimizes relative price variability an illustrative application with australian data is provided

policy mechanism choice for environmental management by non commercial lifestyle rural landholders abstract for some environmental assets in rural areas the landholders who are having the biggest impact are people with small holdings and an emphasis on lifestyle rather than commercial gains from their land this paper aims to better understand the motivations and likely responses to policy for lifestyle landholders in australia in order to assess which policy mechanisms if any are likely to be most efficiently used to influence their land management through face to face interviews we find that lifestyle landholders have important differences from commercial farmers including much smaller properties a stronger interest in environmental outcomes a lack of land management skills and a lack of time for land management activities from the perspective of environmental policy programs engaging with lifestyle landholders is likely to involve higher transaction costs and there are likely to be higher learning and transition costs per unit area a framework for selection of policy tools is modified to take account of these findings it is concluded that the prospects for worthwhile public investments in land use changes by lifestyle landholders are lower than for commercial landholders

divisia moments of u s consumption 1929 1982 abstract using u s consumption data for 1929 to 1982 divisia price and volume indexes are computed as well as divisia variances and covariances the quantity variances tend to be larger than the price variances and the majority of the price quantity covariances is negative

an evaluation of alternative demand systems by means of implied income elasticities abstract working s model and the indirect translog model are compared and evaluated by means of the implied behavior of the income elasticities for two sets of data the effect of deleting observations is also discussed

some simple but flexible differential consumer demand systems abstract three differential consumer demand systems are proposed each of which has some particular advantages over the well known rotterdam model in each demand equation only two explanatory variables are used real income and the relative own price the features of the most preferred model are piglog working leser engel curves a limited number of parameters while no preference independence is assumed and easy estimation by iterated ols taking into account all theoretical restrictions even in case of a large number of commodities

incorporating generalized marginal budget shares in a mixed demand system this article extends a rotterdam type of mixed demand system by replacing its constant marginal budget shares with the ones derived from originally defined and specified mixed engel curves that take a generalized functional form using the box cox transformation an empirical illustration is given for japanese demand for fresh and processed fruits and vegetables the results show that the rotterdam parameterization of marginal budget shares which corresponds to those in linear mixed engel curves is preferred by the data and that improper assumptions of the form of mixed engel curves underlying a mixed demand system can bias its elasticities

ideal divisia moments price dispersion and inflation abstract ideal divisia price and quantity index numbers are computed for 18 countries using per capita consumption data for the 1970 s correlation matrices of general price change and price dispersion are computed and determinants of price dispersion are analyzed

estimates of the demand for energy using cross country consumption data using cross country consumption data we estimate a system of demand equations in a piecewise manner to investigate whether price and expenditure elasticities for energy differ between broad groups of countries the empirical results reject the assumption of constant parameters across regimes of poor and rich countries the derived elasticities suggest that the own price elasticity for energy is higher in poor than in rich countries we find no evidence for the commonly held view that expenditure elasticities for energy decline with income

bootstrapping for standard errors of instrumental variable estimates abstract theil and finke 1983 used the distance from the equator as an instrumental variable iv in the estimation of a cross country demand system here we obtain standard errors of the iv estimates using efron s 1979 bootstrap technique

the political economy of wildlife exploitation in this paper we analyze the exploitation of wildlife in a third world context in the model there are two agents an agency managing a habitat area of fixed size and a group of peasants the agency managing the habitat area has the legal right to exploit the wildlife while the local people hunt illegally introducing the concept of relative harvesting dominance we demonstrate that the stock utilization depends crucially on the prevailing economic and ecological conditions it is also shown that the existing property rights regime appears in different forms depending on these conditions

world food demand long term projections of global food demand are heavily dependent on which functional form of the food demand equation is used given that real incomes can change substantially over the long term key elements are the dependence of the income elasticity on income which ensures that the food budget share always lies within the 0 1 range and the role of income inequality this article analyzes these issues proposes a new functional form that deals with them and presents estimates of income and price elasticities for food in 138 countries copyright 2012 oxford university press

the family of inverse demand systems abstract a set of inverse demand systems derived from some well known utility functions is presented in which the hotelling wold identity has been used for such a derivation the functional forms of the inverse demand systems obtained by this study are theoretically integrable and empirically operations

testing restrictions in a flexible dynamic demand system an application to consumers expenditure in canada traditionally restrictions on systems of demand equations have been tested using static models whilst being estimated with time series data this paper develops a vector time series model of expenditure shares in the context of a singular dynamic demand system the model allows for non symmetric and non homogeneous short run behaviour the homogeneity and symmetry restrictions are only examined in the long run structure results based on canadian time series data are presented and reject the current practise of static modelling while restrictions suggested by economic theory are not rejected when imposed on the long run structure

pooling international consumption data pooling consumption data from different countries for demand system estimation is attractive because it increases both sample size and therange of v ariation of relative prices and income the major objection to pooling is that d ifferent countries may have different demand system parameters this paper propo sed and estimates specifications that permit pooling while allowing both short r un andlong run demand systems to differ across countries using data from belgi um the united kingdom and the united states the authors findthat although p ooling was accepted for some pairs of countries and some specifications it was rejected for most they conclude that caution is appropriate in pooling internat ional consumption data copyright 1987 by mit press

characteristics and hedonic pricing of differentiated beef demands we estimate a cbs system model of u s derived demand for meat we use this model 1 to examine relationships between three quality categories of beef and three other meats and 2 to simulate how taste shifts have affected demands for meats over time we extend previous studies by disaggregating wholesale beef production into three quality categories 1 usda choice grade or higher 2 usda select or lower and 3 cow and bull beef innovative features of our empirical model include a breakout of table cuts into choice and select and the use of a hedonic characterization of the two breakouts to value choice ness and beef ness our model demonstrates important shifts in separate demands for choice and select beef we show that separately the demand for choice grade beef declined in the 1980s and 1990s and the demand for select beef increased a departure from the relatively stable demand characterizations of more aggregated measures of combined choice and select beef jel classification q11 q13

a time series analysis of a demand system based on cross country coefficient estimates abstract annual dutch consumption data 1952 1977 for 10 goods which exhaust the consumer s budget are analyzed by means of a complete demand system whose coefficients are obtained from the cross country data collected by kravis 1982

the matrix approach to evaluating demand equations as there is a plethora of demand models which one should be used to estimate income and price elasticities the paper sheds light on this important practical problem by developing a matrix approach to simulating mas demand equations to analyse their performance under idealized circumstances artificial data on the dependent variable are generated by one model and these are then used for the estimation of another model as an illustrative application using four popular models a 4 4 matrix is generated which gives all pair wise comparisons the performance of the models is then evaluated on the basis of the quality of the income and own price elasticity estimates

regional welfare weights for the uk england scotland wales and northern ireland evans d kula e and sezer h 2005 regional welfare weights for the uk england scotland wales and northern ireland regional studies 39 923 937 in relation to public spending and regional policy the importance of distributional issues is stressed and regional welfare weights are derived from an appropriate underlying social welfare function estimates of these weights are then provided for the four countries comprising the uk welfare weights now have a very high policy profile following the special emphasis placed by the uk treasury in its recently revised guidance on appraisal and evaluation in government on the assessment of the distributional impacts of social projects and policies from an empirical perspective the critical component of each welfare weight measure is the elasticity of marginal utility of income e alternative estimation approaches based on demand analysis and income tax data are used to determine e and a preferred measure of 1 60 emerges the resulting regional we

differential demand systems a further look at barten s synthesis barten s synthetic model is attractive to applied researchers since it is useful for testing the adequacy of the competing functional forms of differential demand systems including the popular rotterdam and almost ideal demand systems this article shows that the synthetic model is not a mere artificial composite of the known differential demand systems as it has been considered but rather viewed as a model in its own right it is demonstrated that at the individual consumer level barten s model has the same marginal budget shares as generated by specific forms of engel curves formulated by the box cox transformation

optimal regulation of deposit taking financial intermediaries abstract this paper analyses the case for special restrictions on the commercial decisions of deposit taking financial intermediaries the existence of asymmetric information between managers of intermediaries and depositors is shown to generate unregulated outcomes where equity capital is underutilised and lending is suboptimally low a form of regulation to correct this market failure is designed the form of regulation is a capital adequacy scheme of the same kind as those used by bank regulators this is an important result because such schemes have lacked a theoretical underpinning even those who have viewed capital requirements as justifiable have assumed that they will reduce the level of intermediation this paper shows that this is not generally the case the ways in which optimal capital adequacy rules differ from the regulations currently used by banking supervisors is also analysed

divisia moments of indian consumption abstract divisia moments of the first and second order are presented for indian annual price and quantity data separately for 23 and 8 commodity groups of consumption covering the period 1960 1979 contrary to the results reported for other countries in a majority of cases the price variances tend to exceed the quantity variancesin both data sets

world product and income international comparisons of real gross product the volume reports on the third phase of the united nations international comparison project icp the main results provide comparisons of real gross domestic product gdp per capita for thirty four countries in 1975 quantity and price comparisons are given also for personal consumption capital formation and public consumption and further subdivisions of final expenditures on gdp are estimated

an almost ideal demand system incorporating habits an analysis of expenditures on food and aggregate commodity groups breusch t s and a r pagan the lagrange multiplier test and its applications to model specification in econometrics the review of economic studies 47 jan 1980 239 254 eden benjamin the insurance buying gambler economic inquiry 18 july 1980 504 508 henderson charles f estimation of variance and covariance components biometrics 9 june 1953 226 252 hill daniel h deborah a ott lester d taylor and james m walker incentive payments in time of day electricity pricing experiments the arizona experiment this review 65 feb 1983 59 65 maddala g s and t d mount a comparative study of alternative estimators for variance components models used in econometric applications journal of the american statisticalassociation 68 june 1973 324 328 selby e b and w beranek sweepstakes contests analysis strategies and survey american economic review 71 mar 1981 189 195 spence michael and richard zeckhauser the effect of the timing of consumption decisions and the resolution of lotteries on the choice of lotteries econometrica 40 mar 1972 401 403 wallace thomas d and ashiq hussain the use of error components models in combining cross section with time series data econometrica 37 jan 1969 55 72 winett richard a and michael t nietzel behavioral ecology contingency management of consumer energy use american journal of community psychology 3 june 1975 123 133