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| Watts, Geof; Quiggin, John C.. |
| It is shown that parameter estimates in a regression with a logarithmic time trend are not invariant to the choice of the starting point of that time trend. Possible solutions to this problem are discussed and applied to data from a recent article in this Review where a logarithmic time trend was included. It is suggested that the appropriate course is either to estimate the starting date directly or to adopt a functional form invariant to the choice of starting date. |
| Tipo: Journal Article |
Palavras-chave: Research Methods/ Statistical Methods. |
| Ano: 1984 |
URL: http://purl.umn.edu/12259 |
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| Tsolakis, Dimitris; Riethmuller, Paul C.; Watts, Geof. |
| In this paper annual data series covering 1955-56 to 1978-79 are used to estimate the elasticity of demand for both wine and beer. These are first estimated using a flexible functional form. The habit formation hypothesis and the role of social and demographic factors are also examined. The demand for wine in aggregate is estimated to be relatively price inelastic in the short run, while in the long run it is relatively price elastic. With respect to income, the demand for wine is shown to be relatively highly elastic. For beer, demand with respect to price and income is found to be relatively inelastic in the short run as well as in the long run. These results can be used to evaluate the impact of changes in patterns of consumption and of government... |
| Tipo: Journal Article |
Palavras-chave: Consumer/Household Economics. |
| Ano: 1983 |
URL: http://purl.umn.edu/12456 |
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