Chua, C.L.; Griffiths, W.E.; O'Donnell, C.J. - Department of Economics, Faculty of Business and Economics - 2001
Share equations for the translog and almost ideal demand systems are estimated using Markov Chain Monte Carlo. A common prior on the elasticities and budget shares evaluated at average prices and income is used for both models. It includes equality restrictions (homogeneity, adding up and...