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This paper examines the impact of two different model specifications on welfare estimations. A model specification that takes into account product differentiation is compared to a specification where the product differentiation is overlooked. The welfare comparison under both specifications show...
Persistent link: https://www.econbiz.de/10010733780
The U.S. cattle inventory was at 87.7 million head at the beginning of 2014, the lowest inventory since 1951. Cattle producers have downsized their herds in recent years due to increased incidence of drought and high feed prices. A tight U.S. beef supply coupled with a strong demand for beef are...
Persistent link: https://www.econbiz.de/10011068567
. The welfare comparison under both specifications show some biases of aggregation as well as ambiguous results: the welfare …
Persistent link: https://www.econbiz.de/10005522296
Swofford and Whitney (1987) investigated the validity of two types of assumptions that underlie the representative agent models of modern macroeconomics and monetary economics. These assumptions are utility maximization and weak or functional separability that is required for an economic...
Persistent link: https://www.econbiz.de/10010335627
This paper develops nonparametric methods for welfare-analysis of economic changes in the common setting of multinomial choice. The results cover (a) simultaneous price-change of multiple alternatives, (b) introduction/elimination of an option, (c) changes in choice-characteristics, and (d)...
Persistent link: https://www.econbiz.de/10012215339
developments in monetary aggregation theory dealt with risk and risk aversion in the calculation of user costs. It is, however, not …
Persistent link: https://www.econbiz.de/10013208435
Since Paul Samuelson introduced the theory of revealed preference, it has become one of the most important concepts in economics. This chapter surveys some recent contributions in the revealed preference literature. We depart from Afriat's theorem, which provides the conditions for a data set to...
Persistent link: https://www.econbiz.de/10012145499
frequencies. The issue of temporal aggregation is examined in two ways. We initially show that those changes do not seem to have … aggregation on those properties; therefore, the aggregation of economic flows into annual figures is once more found to involve … different frequencies is then investigated from analytical and empirical standpoints. Time aggregation is found to reduce the …
Persistent link: https://www.econbiz.de/10009431210
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