The authors examine the small sample properties and forecasting performance of estimators In models using the Box-Cox transformation via a Monte Carlo experiment They develop a simple,estimator for the expected value of the untransformed dependent variable They show that the sign and magnitude...

The paper brings a survey of flexible functional forms and summarizes the theoretical properties of several economic functional types (indirect utility, cost, expenditure function and the appropriate input demand systems). The notions of flexibility of the functional fonn (relating to the...

The availability of efficiency estimation software freely distributed via the internet and relatively easy to use recently inflated the number of corresponding applications. The resulting efficiency estimates are often used without a critical assessment with respect to the literature on...

The availability of efficiency estimation software – freely distributed via the internet and relatively easy to use – recently inflated the number of corresponding applications. The resulting efficiency estimates are used without a critical assessment with respect to the literature on...

Quantifying the relationship between expenditure for a commodity and household income (Engel analysis) has focused on the use of classical functional forms with few rigorous procedures available for selecting the most appropriate function We employ flexible functional forms {Box-Cox curves} to...

Abstract In many areas of economic analysis, economic theory restricts the shape as well as other characteristics of functions used to represent economic constructs. Obvious examples are the monotonicity and curvature conditions that apply to utility, profit, and cost functions. Commonly, these...

The paper uses hedonic regression techniques in order to decompose the price of a house into land and structure components using real estate sales data for Tokyo. In order to get sensible results, a nonlinear regression model using data that covered multiple time periods was used. Collinearity...

This paper reports the results of three experiments on the neoclassical theory of consumer behavior. All these experiments were performed with the aim to simulate as closely as possible the behavior of consumers in the real world. Real goods, real money and the same incentives as in the real...