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Recently there has been a growing tendency to impose curvature, but not monotonicity, on specifications of technology …. But regularity requires satisfaction of both curvature and monotonicity conditions. Without both satisfied, the second …, estimated flexible specifications of technology are much more likely to violate curvature than monotonicity. Hence it has been …
Persistent link: https://www.econbiz.de/10010568025
In specifications of tastes and technology, econometricians often impose curvature globally, but monotonicity only … technology are more likely to produce violations of curvature than monotonicity, I believe that induced violations of … monotonicity become common, when curvature alone is imposed. Hence the now common practice of equating regularity with curvature is …
Persistent link: https://www.econbiz.de/10010900180
This is the front matter from the book, William A. Barnett and Jane Binner (eds.), Functional Structure and Approximation in Econometrics, published in 2004 by Elsevier in its Contributions to Economic Analysis monograph series. The front matter includes the Table of Contents, Volume...
Persistent link: https://www.econbiz.de/10005119212
Recently there has been a growing tendency to impose curvature, but not monotonicity, on specifications of technology …. But regularity requires satisfaction of both curvature and monotonicity conditions. Without both satisfied, the second …, estimated flexible specifications of technology are much more likely to violate curvature than monotonicity. Hence it has been …
Persistent link: https://www.econbiz.de/10009279858
Among the many demand specifications in the literature, the Rotterdam model and the Almost Ideal Demand System (AIDS) have particularly long histories, have been highly developed, and are often applied in consumer demand systems modeling. Using Monte Carlo techniques, we seek to determine which...
Persistent link: https://www.econbiz.de/10005106598
In specifications of tastes and technology, econometricians often impose curvature globally, but monotonicity only … technology are more likely to produce violations of curvature than monotonicity, I believe that induced violations of … monotonicity become common, when curvature alone is imposed. Hence the now common practice of equating regularity with curvature is …
Persistent link: https://www.econbiz.de/10005556257
Although nonlinearity is the rule in economic theory, nonlinearity tends to make life difficult for econometricians. While there have been many advances in nonlinear econometrics in recent years, some problems produced by nonlinearity remain 'skeletons in the closet' in empirical economic...
Persistent link: https://www.econbiz.de/10005556393
elasticity estimates in many cases considered in the paper. Imposition of curvature alone does not assure regularity, and …We conduct a Monte Carlo study of the global regularity properties of the Normalized Quadratic model. We particularly … investigate monotonicity violations, as well as the performance of methods of locally and globally imposing curvature. We find …
Persistent link: https://www.econbiz.de/10005617076
This cumulative working paper contains the unified joint research completed so far on monetary aggregation under risk, including the extension of index number theory needed to incorporate adjustments for risk into the rate structure, experiments on tracking ability of the unadjusted index, and...
Persistent link: https://www.econbiz.de/10005407921
Modern aggregation theory and index number theory were introduced into monetary economics by Barnett (1980). The widely used Divisia monetary aggregates were based upon that paper. A key result upon which the rest of the theory depended was Barnett’s derivation of the user-cost price of...
Persistent link: https://www.econbiz.de/10005412580