Demand systems for agricultural products in the OECD countries

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2003
Erdil, Erkan
The estimation of demand equations provides the earliest example of the use of statistical and econometric techniques on economic data. It is possible to identify two distinct approaches to the estimation of demand equations. The first and original approach concentrated on the demand for particular goods by paying attention to any special characteristics of the single market involved. The second approach involved simultaneous estimation of complete systems containing the demand equations for every commodity group purchased by consumers. The estimation of a complete system of demand equations in principle enables us to obtain better estimates of each equation in the system than the first approach because of interaction in the demand behavior of different commodities. This study is directed towards the estimation of demand systems foragricultural products in the OECD countries. Three representatives demand systems with their extensions, namely the Rotterdam Model, An Almost Ideal Demand System (AIDS), and CBS model are used. These models are estimated by Seemingly Unrelated Regression (SUR) method. The procedures to estimate demand systems suggest significant empirical regularities for agricultural products in the OECD countries. The main contribution of this study is its procedure for model selection. This procedure implies the superiority of AIDS and CBS models over the Rotterdam model.

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Citation Formats
E. Erdil, “Demand systems for agricultural products in the OECD countries,” Ph.D. - Doctoral Program, Middle East Technical University, 2003.