MAXIMUM LIKELIHOOD ESTIMATION OF A RANDOM COEFFICIENT MEAT DEMAND SYSTEM

The paper demonstrates that random coefficient models can be estimated by maximum likelihood if they are specified as generalized least squares models. The paper uses maximum likelihood estimation on a random-coefficient, meat-demand system. Statistical tests show that price elasticities are random, but expenditure elasticities are not. The statistical tests allow one to count the number of factors that cause randomness without requiring one to know what they are. There appear to be only two factors that make the price elasticities random.


Issue Date:
2001
Publication Type:
Conference Paper/ Presentation
PURL Identifier:
http://purl.umn.edu/20573
Total Pages:
19
Series Statement:
Selected Paper




 Record created 2017-04-01, last modified 2017-08-24

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