Search results

1 – 10 of 51

Abstract

Details

Applying Maximum Entropy to Econometric Problems
Type: Book
ISBN: 978-0-76230-187-4

Book part
Publication date: 29 May 2009

Daniel J. Slottje

In January 2009, the U.S. economy sits in its most precarious position since the Great Depression of the 1930s. The crash of the U.S. economy has reverberated throughout the world…

Abstract

In January 2009, the U.S. economy sits in its most precarious position since the Great Depression of the 1930s. The crash of the U.S. economy has reverberated throughout the world and adversely impacted virtually every other economic system on the globe. This sad fact is well known and undisputed by economists and social scientists throughout the world. That consumer behavior contributed heavily to this world, economic upheaval is also undisputed. What is less certain is exactly how consumer behavior ultimately contributed to the world economic collapse and what role behavior by consumers will play in ultimately lifting the world economy out of its current dire economic circumstances. Whatever that role ultimately turns out to be, it is clear that economists and other social scientists must understand better how consumers make decisions and what factors impact those decisions, in trying to fine-tune economic policy in order to deal with the current (and perhaps future) economic crisis.

Details

Quantifying Consumer Preferences
Type: Book
ISBN: 978-1-84855-313-2

Content available
Book part
Publication date: 29 May 2009

Abstract

Details

Quantifying Consumer Preferences
Type: Book
ISBN: 978-1-84855-313-2

Book part
Publication date: 29 May 2009

Robert L. Basmann, Kathy Hayes, Michael McAleer, Ian McCarthy and Daniel J. Slottje

This chapter presents an exposition of the Generalized Fechner–Thurstone (GFT) direct utility function, the system of demand functions derived from it, other systems of demand…

Abstract

This chapter presents an exposition of the Generalized Fechner–Thurstone (GFT) direct utility function, the system of demand functions derived from it, other systems of demand functions from which it can be derived, and its purpose and the econometric circumstances that motivated its original development. Its use in econometrics is demonstrated by an application to household consumer survey data which explores the relationship between prices, on the one hand, and expected exogenous preference changers such as household size, schooling of heads of household, and other social factors, on the other.

Details

Quantifying Consumer Preferences
Type: Book
ISBN: 978-1-84855-313-2

Keywords

Book part
Publication date: 24 April 2023

Asli Ogunc and Randall C. Campbell

Advances in Econometrics is a series of research volumes first published in 1982 by JAI Press. The authors present an update to the history of the Advances in Econometrics series…

Abstract

Advances in Econometrics is a series of research volumes first published in 1982 by JAI Press. The authors present an update to the history of the Advances in Econometrics series. The initial history, published in 2012 for the 30th Anniversary Volume, describes key events in the history of the series and provides information about key authors and contributors to Advances in Econometrics. The authors update the original history and discuss significant changes that have occurred since 2012. These changes include the addition of five new Senior Co-Editors, seven new AIE Fellows, an expansion of the AIE conferences throughout the United States and abroad, and the increase in the number of citations for the series from 7,473 in 2012 to over 25,000 by 2022.

Details

Essays in Honor of Joon Y. Park: Econometric Methodology in Empirical Applications
Type: Book
ISBN: 978-1-83753-212-4

Keywords

Book part
Publication date: 29 May 2009

Joseph G. Hirschberg, Jeanette N. Lye and Daniel J. Slottje

The estimation of regression models subject to linear restrictions is a widely applied technique; however, aside from simple examples, the equivalence between the linear…

Abstract

The estimation of regression models subject to linear restrictions is a widely applied technique; however, aside from simple examples, the equivalence between the linear restricted case to the reparameterization and the substitution case is rarely employed. We believe this is due to the lack of a general transformation method for changing from the definition of restrictions in terms of the unrestricted parameters to the equivalent reparameterized model and conversely from the reparameterized model to the equivalent linear restrictions for the unrestricted model. In many cases, the reparameterization method is computationally more efficient especially when estimation involves an iterative method. But the linear restriction case allows a simple method for adding and removal of restrictions.

In this chapter, we derive a general relationship that allows the conversion between the two forms of the restricted models. Examples emphasizing systems of demand equations, polynomial lagged equations, and splines are given in which the transformation from one form to the other are demonstrated as well as the combination of both forms of restrictions. In addition, we demonstrate how an alternative Wald test of the restrictions can be constructed using an augmented version of the reparameterized model.

Details

Quantifying Consumer Preferences
Type: Book
ISBN: 978-1-84855-313-2

Keywords

Content available
Book part
Publication date: 29 May 2009

Abstract

Details

Quantifying Consumer Preferences
Type: Book
ISBN: 978-1-84855-313-2

Book part
Publication date: 29 May 2009

Daniel J. Phaneuf and Roger H. von Haefen

In this chapter, we describe how random utility maximization (RUM) discrete choice models are used to estimate the demand for commodity attributes in quality-differentiated goods…

Abstract

In this chapter, we describe how random utility maximization (RUM) discrete choice models are used to estimate the demand for commodity attributes in quality-differentiated goods. After presenting a conceptual overview, we focus specifically on the conditional logit model. We examine technical issues related to specification, interpretation, estimation, and policy use. We also discuss identification strategies for estimating the role of price and non-price attributes in preferences when product attributes are incompletely observed. We illustrate these concepts via a stylized application to new car purchases, in which our objective is to measure preferences for fuel economy.

Details

Quantifying Consumer Preferences
Type: Book
ISBN: 978-1-84855-313-2

Keywords

Book part
Publication date: 29 May 2009

Chia-Lin Chang, Michael McAleer and Daniel J. Slottje

International tourism is a major source of export receipts for many countries worldwide. Although it is not yet one of the most important industries in Taiwan (or the Republic of…

Abstract

International tourism is a major source of export receipts for many countries worldwide. Although it is not yet one of the most important industries in Taiwan (or the Republic of China), an island in East Asia off the coast of mainland China (or the People's Republic of China), the leading tourism source countries for Taiwan are Japan, followed by USA, Republic of Korea, Malaysia, Singapore, UK, Germany and Australia. These countries reflect short, medium and long haul tourist destinations. Although the People's Republic of China and Hong Kong are large sources of tourism to Taiwan, the political situation is such that tourists from these two sources to Taiwan are reported as domestic tourists. Daily data from 1 January 1990 to 30 June 2007 are obtained from the National Immigration Agency of Taiwan. The heterogeneous autoregressive (HAR) model is used to capture long memory properties in the data. In comparison with the HAR(1) model, the estimated asymmetry coefficients for GJR(1,1) are not statistically significant for the HAR(1,7) and HAR(1,7,28) models, so that their respective GARCH(1,1) counterparts are to be preferred. These empirical results show that the conditional volatility estimates are sensitive to the long memory nature of the conditional mean specifications. Although asymmetry is observed for the HAR(1) model, there is no evidence of leverage. The quasi-maximum likelihood estimators (QMLE) for the GARCH(1,1), GJR(1,1) and EGARCH(1,1) models for international tourist arrivals to Taiwan are statistically adequate and have sensible interpretations. However, asymmetry (though not leverage) was found only for the HAR(1) model and not for the HAR(1,7) and HAR(1,7,28) models.

Details

Quantifying Consumer Preferences
Type: Book
ISBN: 978-1-84855-313-2

Keywords

Book part
Publication date: 29 May 2009

Abstract

Details

Quantifying Consumer Preferences
Type: Book
ISBN: 978-1-84855-313-2

1 – 10 of 51