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What is Overview of Demand Models in Econometrics about?
The document discusses demand models and their classification. It covers two main approaches to estimating demand equations: single-equation models and demand systems derived from consumer theory like the Linear Expenditure System (LES) and Almost Ideal Demand System (AIDS). The LES assumes additive utility and that all goods are substitutes while the AIDS derives from a second-order approximation of any utility function. Characteristics of an ideal demand model and features of the LES and AIDS models are a
- Author
- Wilfrido Calle
- Language
- EN