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Estimating U.S. Demand for Meat With A Flexible Functional Form

Published online by Cambridge University Press:  28 April 2015

Chung-Liang Huang
Chung-Liang Huang*
Affiliation:
Department of Agricultural Economics, University of Georgia, Georgia Experiment Station. Helpful comments by Joseph Havlicek, Jr., are gratefully acknowledged
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Extract

One of the fundamental problems in applied econometric work is the choice of functional form. Economic theory is insufficient in suggesting the functional forms appropriate to the specification of economic relationships. Conventionally, the functional form of the regression equation is assumed a priori and parameter estimates are obtained according to certain desirable criteria, such as least squares. A wide variety of functional forms have been investigated empirically with respect to the demand function for food, yet no single functional form has been generally accepted among economists [2, 6, 7].

Type
Research Article
Information
Journal of Agricultural and Applied Economics , Volume 11 , Issue 2 , December 1979 , pp. 17 - 20
Copyright
Copyright © Southern Agricultural Economics Association 1979

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References

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