A normalized quadratic semiflexible functional form

DOI10.1016/0304-4076(88)90009-7MaRDI QIDQ1117664zbMATH OpenOpenAlexFDO

Authors W. Erwin Diewert, Terence J. Wales

Publication date 1988

Published in Journal of Econometrics (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/0304-4076(88)90009-7

zbMATH Keywords

degree of flexibilitydemand systemsEstimation of flexible functional formssemiflexible form

Mathematics Subject Classification ID

Applications of statistics to economics (62P20) Probabilistic methods, stochastic differential equations (65C99)

Review text

Estimation of flexible functional forms for large consumer or producer demand systems is often precluded due to computational difficulties or due to a lack of degrees of freedom. We propose the concept of a semiflexible form, which is a special case of a flexible form but which requires fewer free parameters. Our proposed method of estimation allows the researcher to choose the degree of flexibility consistent with feasibility of estimation, while at the same time maintaining the concavity in prices property required by economic theory. In our empirical illustration we estimate a normalized quadratic semiflexible form using Canadian per capita time series data for ten consumer expenditure categories.

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Cites work

• Flexible Functional Forms and Global Curvature Conditions
• scientific article; zbMATH DE number 3518555 (Why is no real title available?)
• scientific article; zbMATH DE number 3528420 (Why is no real title available?)
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Cited in

(11)

• Autocorrelation specification in singular equation systems: A further look
• Local extremes, runs, strings and multiresolution. (With discussion)
• Flexible functional forms and tests of homogeneous separability
• Seminonparametric Bayesian estimation of the asymptotically ideal production model
• A globally concave, monotone and flexible cost function: derivation and application
• Consumer preferences and demand systems
• The structure of US food demand
• CONSISTENT COMPARISONS OF REAL INCOMES ACROSS TIME AND SPACE
• EXACT AND SUPERLATIVE PRICE AND QUANTITY INDICATORS
• An Elasticity can be Estimated Consistently without a Priori Knowledge of Functional Form
• A class of changing elasticity of substitution production functions

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