Empirical modelling of the aggregation error in the representative consumer model

This paper examines different approaches to modelling the aggregation error associated with the representative consumer model. Each approach is based on an analytical framework intended for modelling aggregate time series data on quantities and prices with potential additional measures of income dis...

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Autores:: Sarmiento, Camilo
Just, Richard

Tipo de recurso:: Article of journal

Fecha de publicación:: 2005

Institución:: Escuela Colombiana de Ingeniería Julio Garavito

Repositorio:: Repositorio Institucional ECI

Idioma:: eng

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dc.title.eng.fl_str_mv	Empirical modelling of the aggregation error in the representative consumer model
title	Empirical modelling of the aggregation error in the representative consumer model
spellingShingle	Empirical modelling of the aggregation error in the representative consumer model Consumo (economía) - Modelos econométricos Teoría de la agregación (economía) Demanda (teoría económica) Modelo de consumo (economía) Consumption (economics) - Econometric models Aggregation theory (economics) Demand (economic theory) Consumption model (economics)
title_short	Empirical modelling of the aggregation error in the representative consumer model
title_full	Empirical modelling of the aggregation error in the representative consumer model
title_fullStr	Empirical modelling of the aggregation error in the representative consumer model
title_full_unstemmed	Empirical modelling of the aggregation error in the representative consumer model
title_sort	Empirical modelling of the aggregation error in the representative consumer model
dc.creator.fl_str_mv	Sarmiento, Camilo Just, Richard
dc.contributor.author.none.fl_str_mv	Sarmiento, Camilo Just, Richard
dc.contributor.researchgroup.spa.fl_str_mv	Centro de Estudios Económicos
dc.subject.armarc.none.fl_str_mv	Consumo (economía) - Modelos econométricos Teoría de la agregación (economía) Demanda (teoría económica) Modelo de consumo (economía)
topic	Consumo (economía) - Modelos econométricos Teoría de la agregación (economía) Demanda (teoría económica) Modelo de consumo (economía) Consumption (economics) - Econometric models Aggregation theory (economics) Demand (economic theory) Consumption model (economics)
dc.subject.armarc.ENG.fl_str_mv	Consumption (economics) - Econometric models Aggregation theory (economics) Demand (economic theory) Consumption model (economics)
description	This paper examines different approaches to modelling the aggregation error associated with the representative consumer model. Each approach is based on an analytical framework intended for modelling aggregate time series data on quantities and prices with potential additional measures of income distribution. Simple functions that track aggregation error over time are found to perform better than more complex and theoretically sophisticated models. An explanation is given based on typical time series characteristics of economic data.
publishDate	2005
dc.date.issued.none.fl_str_mv	2005
dc.date.accessioned.none.fl_str_mv	2024-02-05T15:44:55Z
dc.date.available.none.fl_str_mv	2024-02-05T15:44:55Z
dc.type.spa.fl_str_mv	Artículo de revista
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dc.identifier.issn.spa.fl_str_mv	0003-6846
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dc.identifier.eissn.spa.fl_str_mv	1466-4283
dc.identifier.instname.spa.fl_str_mv	Universidad Escuela Colombiana de Ingeniería Julio Garavito
dc.identifier.reponame.spa.fl_str_mv	Repositorio Digital
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identifier_str_mv	0003-6846 1466-4283 Universidad Escuela Colombiana de Ingeniería Julio Garavito Repositorio Digital
url	https://repositorio.escuelaing.edu.co/handle/001/2821 https://repositorio.escuelaing.edu.co/
dc.language.iso.spa.fl_str_mv	eng
language	eng
dc.relation.citationedition.spa.fl_str_mv	No. 10 Vol. 37 de 2005
dc.relation.citationissue.spa.fl_str_mv	10
dc.relation.citationvolume.spa.fl_str_mv	37
dc.relation.ispartofjournal.eng.fl_str_mv	Applied Economics
dc.relation.references.spa.fl_str_mv	Allen, G. P. and Fildes, R. (2001) Principles of forecasting: a handbook for researchers and practitioners, in Econometric Forecasting (Ed.) J. Scott Armstrong, Kluwer Academic Publishers, Norwell, MA, pp. 271–327. Alston, J. M., Chalfant, J. A. and Piggott, N. E. (2002) Estimating and testing the compensated double-log demand model, Applied Economics, 34, 1177–86. Anderson, G. J. and Blundell, R. W. (1983) Testing restrictions in a flexible dynamic demand system: an application to consumers’ expenditure in Canada, Review of Economics Studies, 50, 397–410. Arndt, C., Liu, S. and Preckel, P. V. (1999) On dual approaches to demand systems estimation in the presence of binding quantity constraints, Applied Economics, 31, 999–1008. Clements, M. P. and Hendry, D. F. (1998) Forecasting Economic Time Series, Cambridge University Press, Cambridge. Deaton, A. S. and Muellbauer, J. (1980) An almost ideal demand system, American Economic Review, 70, 312–26. De Boer, P. M. C., Martinez, C. and Harkema, R. (2000) Trade liberalization and the allocation over domestic and foreign supplies: a case study for Spanish manufacturing, Applied Economics, 32, 789–99. De Mello, M., Pack, A. and Sinclair, M. T. (2002) A system of equations model of UK tourism demand in neighbouring countries, Applied Economics, 34, 509–21. DeJuan, J. P. and Seater, J. J. (1999) The permanent income hypothesis: evidence from the consumer expenditure survey, Journal of Monetary Economics, 43, 351–76. Duffy, M. (2001) Advertising in consumer allocation models: choice of functional form, Applied Economics, 33, 437–56. Gorman, W. M. (1961) On the class of preferences fields, Metroeconomica, 13, 53–6. Gorman, W. M. (1981) Some Engel curves, in Essays in Theory and Measurement of Consumer Behavior (Ed.) A. Deaton, Cambridge University Press, Cambridge, pp. 7–29. Greene, W. (1993) Econometric Analysis, Macmillan Publishing Company, New York Howe, H., Pollak, R. A. and Wales, T. J. (1979) Theory and time series estimation of the quadratic expenditure function, Econometrica, 47, 1231–47. Jorgenson, D. W. (1997) Welfare Volume 1: Aggregate Consumer Behavior, MIT Press, Cambridge MA. Karagiannis, G. and Velentzas, K. (2004) Decomposition analysis of consumers’ demand changes: an application to Greek consumption data, Applied Economics, 36, 467–504. Lambert, P. J. (1993) The Distribution and Redistribution of Income: A Mathematical Analysis, Manchester University Press, Manchester Lewbel, A. (1990) Full rank demand systems, International Economic Review, 31, 289–300 Muellbauer, J. (1975) Aggregation, income distribution, and consumer demand, Review of Economic Studies, 62, 525–43. Muellbauer, J. (1976) Community preference and the representative consumer, Econometrica, 44, 979–99. Pashardes, P. (1993) Bias in estimates of the almost ideal demand system with the Stone index approximation, Economic Journal, 103, 908–15. Pope, R. D. and Just, R. E. (1996) Empirical implementation of exante cost functions, Journal of Econometrics, 72, 231–99. Silberberg, E. (1972) Duality and the many consumers’ surpluses, American Economic Review, 62, 942–56. van Daal, J. and Merkies, A. H. G. M. (1989) A note on the quadratic expenditure model, Econometrica, 57, 1939–43.
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dc.format.extent.spa.fl_str_mv	14 páginas
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spelling	Sarmiento, Camiloa48a67bcfacaaa8d4773d8fd3f6d85acJust, Richarda754ea8be6c6300f4ab4efc61ad66622Centro de Estudios Económicos2024-02-05T15:44:55Z2024-02-05T15:44:55Z20050003-6846https://repositorio.escuelaing.edu.co/handle/001/28211466-4283Universidad Escuela Colombiana de Ingeniería Julio GaravitoRepositorio Digitalhttps://repositorio.escuelaing.edu.co/This paper examines different approaches to modelling the aggregation error associated with the representative consumer model. Each approach is based on an analytical framework intended for modelling aggregate time series data on quantities and prices with potential additional measures of income distribution. Simple functions that track aggregation error over time are found to perform better than more complex and theoretically sophisticated models. An explanation is given based on typical time series characteristics of economic data.Este artículo examina diferentes enfoques para modelar la agregación error asociado con el modelo de consumidor representativo. Cada enfoque se basa en un marco analítico destinado a modelar el tiempo agregado datos en serie sobre cantidades y precios con posibles medidas adicionales de la distribución del ingreso. Funciones simples que rastrean el error de agregación tiempo se encuentran para funcionar mejor que los más complejos y teóricamente modelos sofisticados. Se da una explicación basada en series de tiempo típicas. Características de los datos económicos.14 páginasapplication/pdfengTaylor and Francis GroupEstados Unidoshttps://www.tandfonline.com/loi/rael20Empirical modelling of the aggregation error in the representative consumer modelArtículo de revistainfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1Textinfo:eu-repo/semantics/articlehttp://purl.org/coar/version/c_970fb48d4fbd8a85No. 10 Vol. 37 de 20051037Applied EconomicsAllen, G. P. and Fildes, R. (2001) Principles of forecasting: a handbook for researchers and practitioners, in Econometric Forecasting (Ed.) J. Scott Armstrong, Kluwer Academic Publishers, Norwell, MA, pp. 271–327.Alston, J. M., Chalfant, J. A. and Piggott, N. E. (2002) Estimating and testing the compensated double-log demand model, Applied Economics, 34, 1177–86.Anderson, G. J. and Blundell, R. W. (1983) Testing restrictions in a flexible dynamic demand system: an application to consumers’ expenditure in Canada, Review of Economics Studies, 50, 397–410.Arndt, C., Liu, S. and Preckel, P. V. (1999) On dual approaches to demand systems estimation in the presence of binding quantity constraints, Applied Economics, 31, 999–1008.Clements, M. P. and Hendry, D. F. (1998) Forecasting Economic Time Series, Cambridge University Press, Cambridge.Deaton, A. S. and Muellbauer, J. (1980) An almost ideal demand system, American Economic Review, 70, 312–26.De Boer, P. M. C., Martinez, C. and Harkema, R. (2000) Trade liberalization and the allocation over domestic and foreign supplies: a case study for Spanish manufacturing, Applied Economics, 32, 789–99.De Mello, M., Pack, A. and Sinclair, M. T. (2002) A system of equations model of UK tourism demand in neighbouring countries, Applied Economics, 34, 509–21.DeJuan, J. P. and Seater, J. J. (1999) The permanent income hypothesis: evidence from the consumer expenditure survey, Journal of Monetary Economics, 43, 351–76.Duffy, M. (2001) Advertising in consumer allocation models: choice of functional form, Applied Economics, 33, 437–56.Gorman, W. M. (1961) On the class of preferences fields, Metroeconomica, 13, 53–6.Gorman, W. M. (1981) Some Engel curves, in Essays in Theory and Measurement of Consumer Behavior (Ed.) A. Deaton, Cambridge University Press, Cambridge, pp. 7–29.Greene, W. (1993) Econometric Analysis, Macmillan Publishing Company, New YorkHowe, H., Pollak, R. A. and Wales, T. J. (1979) Theory and time series estimation of the quadratic expenditure function, Econometrica, 47, 1231–47.Jorgenson, D. W. (1997) Welfare Volume 1: Aggregate Consumer Behavior, MIT Press, Cambridge MA.Karagiannis, G. and Velentzas, K. (2004) Decomposition analysis of consumers’ demand changes: an application to Greek consumption data, Applied Economics, 36, 467–504.Lambert, P. J. (1993) The Distribution and Redistribution of Income: A Mathematical Analysis, Manchester University Press, ManchesterLewbel, A. (1990) Full rank demand systems, International Economic Review, 31, 289–300Muellbauer, J. (1975) Aggregation, income distribution, and consumer demand, Review of Economic Studies, 62, 525–43.Muellbauer, J. (1976) Community preference and the representative consumer, Econometrica, 44, 979–99.Pashardes, P. (1993) Bias in estimates of the almost ideal demand system with the Stone index approximation, Economic Journal, 103, 908–15.Pope, R. D. and Just, R. E. (1996) Empirical implementation of exante cost functions, Journal of Econometrics, 72, 231–99.Silberberg, E. (1972) Duality and the many consumers’ surpluses, American Economic Review, 62, 942–56.van Daal, J. and Merkies, A. H. G. M. (1989) A note on the quadratic expenditure model, Econometrica, 57, 1939–43.info:eu-repo/semantics/closedAccesshttp://purl.org/coar/access_right/c_14cbConsumo (economía) - Modelos econométricosTeoría de la agregación (economía)Demanda (teoría económica)Modelo de consumo (economía)Consumption (economics) - Econometric modelsAggregation theory (economics)Demand (economic theory)Consumption model (economics)TEXTEmpirical modelling of the aggregation error in the representative consumer model.pdf.txtEmpirical modelling of the aggregation error in the representative consumer model.pdf.txtExtracted texttext/plain51665https://repositorio.escuelaing.edu.co/bitstream/001/2821/4/Empirical%20modelling%20of%20the%20aggregation%20error%20in%20the%20representative%20consumer%20model.pdf.txt4e1d940fc5c06c459ffd2f679ee08da2MD54open accessTHUMBNAILPortada empirical modelling of the aggregation.JPGPortada empirical modelling of the aggregation.JPGimage/jpeg75086https://repositorio.escuelaing.edu.co/bitstream/001/2821/3/Portada%20empirical%20modelling%20of%20the%20aggregation.JPG2f485f330cc727e4a313b593ed329cf2MD53open accessEmpirical modelling of the aggregation error in the representative consumer model.pdf.jpgEmpirical modelling of the aggregation error in the representative consumer model.pdf.jpgGenerated Thumbnailimage/jpeg8464https://repositorio.escuelaing.edu.co/bitstream/001/2821/5/Empirical%20modelling%20of%20the%20aggregation%20error%20in%20the%20representative%20consumer%20model.pdf.jpg93a9d6cab15f79b457c4297b7d27f86eMD55metadata only accessLICENSElicense.txtlicense.txttext/plain; charset=utf-81881https://repositorio.escuelaing.edu.co/bitstream/001/2821/2/license.txt5a7ca94c2e5326ee169f979d71d0f06eMD52open accessORIGINALEmpirical modelling of the aggregation error in the representative consumer model.pdfEmpirical modelling of the aggregation error in the representative consumer model.pdfapplication/pdf274981https://repositorio.escuelaing.edu.co/bitstream/001/2821/1/Empirical%20modelling%20of%20the%20aggregation%20error%20in%20the%20representative%20consumer%20model.pdfa75aa951ba712a4ce9dc92085f28d612MD51metadata only access001/2821oai:repositorio.escuelaing.edu.co:001/28212024-07-28 03:02:09.415metadata only accessRepositorio Escuela Colombiana de Ingeniería Julio Garavitorepositorio.eci@escuelaing.edu.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

Empirical modelling of the aggregation error in the representative consumer model

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