Functional Structure Inference, Volume 18 (International by William A. Barnett

By William A. Barnett

The sequence "International Symposia in monetary conception and Econometrics" publishes caliber lawsuits of meetings and symposia. because all articles released in those volumes are refereed relative to the criteria of the simplest journals, now not all papers awarded on the symposia are released in those court cases volumes. sometimes those volumes contain articles that weren't provided at a symposium or convention, yet are of top quality and are suitable to the focal point of the quantity. the themes selected for those volumes are these of specific examine value on the time of the choice of the subject. each one quantity has diversified co-editors, selected to have specific services appropriate to the point of interest of that specific quantity. many of the chapters during this quantity have been added as papers in classes that William Barnett geared up at a convention held in Vigo (Spain) in July 2005, backed via the Society for the development of monetary thought. the quantity brings jointly primary new examine in economics, together with suitable major concepts in microeconometrics, macroeconomics, and fiscal and fiscal economics, thereby making substantial contributions to the literature. This ebook: offers unique, leading edge examine; covers a couple of matters in macroeconomics, financial economics, and monetary economics; and is a part of the ISETE sequence.

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Some important information can be obtained from the constrained optimization (3). In particular, the virtual prices are obtained by rearranging the terms in the Afriat inequalities under rationing which gives: Ui U j + λj p j + μj λj xi − xj , (4) where μj is k-element vector with elements that are zero or μgj for g = 1, . . , h. Hence, (p j + μj /λj ) is a k-element vector of prices, including virtual prices for the rationed goods, that satisfy the Afriat inequalities. For the gth rationed good in period j , the virtual price is: μgj (5) .

This dramatically simplifies the analysis, but leads to an only sufficient condition. Nevertheless, this is not the only way to test for weak separability. Focusing on (1), and assuming linear homogeneity of the sub-utility function one may wish to run nonparametric tests with “true” measures Ui of the sub-utility. From a theoretical point of view, the output of the sub-utility function is the quantity aggregate. To estimate it, one has therefore two possibilities. The first one, is to define an appropriate flexible functional form for the sub-utility, and estimate the unknown parameters by using first-order conditions.

Without weak separability, it is possible for the prices of all other goods to enter into the demand functions for the block of goods being considered. As Blundell and Robin (2000, p. 54) discuss, “[t]he advantage of weak separability is in the reduction of the allocation decision problem to a recursive sequence of manageable choice problems. The drawback of such separability assumptions is well known and stems primarily from the strong restrictions placed on substitution possibilities between commodities occupying different groups .

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