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| Author: | Holt, M. T. Goodwin, B. K. |
| Title: | Generalized habit formation in an inverse almost ideal demand system: An application to meat expenditures in the U.S. |
| Journal: | Empirical Economics
1997 : VOL. 22:2, p. 293-320 |
| Index terms: | DEMAND CONSUMPTION MEAT INDUSTRY EXPENDITURE USA |
| Language: | eng |
| Abstract: | There has been growing interest in systems of inverse demand equations, and at the same time there has been continuing attention given to the role of habit formation in consumer's allocation decisions. This study reports the first known attempt to incorporate persistence effects in a general, dynamic system of inverse equations. This study's approach allows individual and aggregate lagged consumption quantities to shift basic, underlying Inverse Almost Ideal Demand System (IAIDS) parameters. Specifications were considered that admitted respectively short memory and long memory wiht respect to the representation consumer's consumption history. A general specification of the first-order autocorrelation matrix was employed. |
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