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| Title: | Microeconometric Models of Consumer and Producer Demand with Limited Dependent Variables |
| Authors: | Lee, Lung-Fei
Pitt, Mark M. |
| Issue Date: | 1984 |
| Series/Report no.: | Bulletin 84-4 |
| Abstract: | The specification and estimation of models of consumer and producer demand with kink
points are considered. The presence of kink points divides the demand or production
schedule into different regimes. Our approach utilizes the concept of virtual
prices. The virtual prices transform binding quantities into nonbinding ones and
provide a rigorous justification for structural change in the observed demand functions
across regimes. The comparison of virtual prices with market prices determines
regime occurences. An application to energy demand in Indonesian manufacturing
firms based on the translog cost function is provided. |
| URI: | http://purl.umn.edu/7495 |
| Institution/Association: | University of Minnesota>Economic Development Center>Bulletins |
| Total Pages: | 39 |
| Language: | English |
| Collections: | Bulletins
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| edc84-04.pdf | 1335Kb | PDF | View/Open |
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