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Multivariate AIM Consumer Demand Model Applied to Dried Fruit, Raisins, and Dried Plums

Author

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  • Brant, Molly
  • Marsh, Thomas L.
  • Featherstone, Allen M.
  • Crespi, John M.

Abstract

We estimate a semi-nonparametric demand system based on a multivariate version of the Muntz-Szatz series expansion which is called the Asymptotically Ideal Model (AIM). The model is applied to consumer demand for dried fruits, raisins, and dried plums. Results from the first and second order AIM expansions suggest that the second order expansion leads to a more economically consistent model, but the likelihood ratio test indicates the AIM(2) model was not a statistical improvement over the AIM(1) model.

Suggested Citation

  • Brant, Molly & Marsh, Thomas L. & Featherstone, Allen M. & Crespi, John M., 2005. "Multivariate AIM Consumer Demand Model Applied to Dried Fruit, Raisins, and Dried Plums," 2005 Annual meeting, July 24-27, Providence, RI 19291, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea05:19291
    DOI: 10.22004/ag.econ.19291
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    References listed on IDEAS

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    1. Piyu Yue, 1991. "A microeconomic approach to estimating demand: the asymptotically ideal model," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 36-51.
    2. Fleissig, Adrian R & Swofford, James L, 1997. "Dynamic Asymptotically Ideal Models and Finite Approximation," Journal of Business & Economic Statistics, American Statistical Association, vol. 15(4), pages 482-492, October.
    3. Barnett, William A. & Jonas, Andrew B., 1983. "The Muntz-Szatz demand system : An application of a globally well behaved series expansion," Economics Letters, Elsevier, vol. 11(4), pages 337-342.
    4. Arthur Havenner & Atanu Saha, 1999. "Globally Flexible Asymptotically Ideal Models," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(3), pages 703-710.
    5. White, Halbert, 1980. "Using Least Squares to Approximate Unknown Regression Functions," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 21(1), pages 149-170, February.
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    Cited by:

    1. Abraham Ajibade & Sayed Saghaian, 2022. "U.S. Almond Exports and Retaliatory Trade Tariffs," Sustainability, MDPI, vol. 14(11), pages 1-15, May.

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    Keywords

    Demand and Price Analysis;

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