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Calibration of incomplete demand systems in quantitative analysis

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Abstract:

An easily implemented and flexible calibration technique for partial demand systems is introduced, combining recent developments in incomplete demand systems and a set of restrictions conditioned on the available elasticity estimates. The technique accommodates various degrees of knowledge on cross-price elasticities, satisfies curvature restrictions, and allows the recovery of an exact welfare measure for policy analysis. The technique is illustrated with a partial demand system for food consumption in Korea for different states of knowledge on cross-price effects. The consumer welfare impact of food and agricultural trade liberalization is measured.

Document Type: Research Article

DOI: https://doi.org/10.1080/0003684042000229550

Publication date: 2004-05-01

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