# On the estimation of demand systems through consumption efficiency

Article Abstract:

The considered Bayesian implementation of an innovative approach to estimating demand systems as suggested by Hal R. Varian is an extension of Sidney Afriat's efficiency index. The proposed model leads to a highly manageable predictive and posterior analysis. However, it makes interesting economic interpretations possible. A sensitivity analysis showed the sample to be rather informative. A somewhat detailed examination of expected budget shares and average efficiency is presented.

Publication Name: Review of Economics and Statistics

Subject: Mathematics

ISSN: 0034-6535

Year: 1996

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# Consumption, import prices, and the demand for imported consumer durables: a structural econometric investigation

Article Abstract:

The derivation and estimation of a rational expectations optimizing model of imported consumer durable goods demand showed that the log of such demand is linear in the log of the relative price of imported consumer durable goods and the log of the marginal utility of wealth. Results show that the essential empirical implications of the model cannot be rejected. Sensible estimates of the price and income elasticities of the demand for imported consumer durable goods were obtained.

Publication Name: Review of Economics and Statistics

Subject: Mathematics

ISSN: 0034-6535

Year: 1996

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# Intertemporal substitution in macroeconomics: consumption, labor supply, and money demand

Article Abstract:

Money is introduced into the consumption-leisure based intertemporal model and an optimization problem is presented where the household selects consumption, labor supply, money demand and wealth. After analysis using per capita US data covering 1960.2-1985.1, results show significant interest rate intertemporal substitution in labor supply.

Publication Name: Review of Economics and Statistics

Subject: Mathematics

ISSN: 0034-6535

Year: 1992

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