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Contractual Arrangements for Intertemporal Trade was first published in 1987. The seven papers in this volume were presented at a conference at the University of Minnesota in 1984. They deal with various aspects of the specialness of intertemporal trade by studying environments in which such trade is more difficult to carry out than is trade in the standard general equilibrium model. Most of the papers impose difficulties in the form of private information or spatial separation linked with private information. The focus on intertemporal trade was motivated by observations related to such trade that seem anomalous from the point of view of the standard general equilibrium model: the semming incompleteness of risk-sharing markets, the existence of intermediaries, the occurrence of financial panics and run on banks, and the relatively heavy regulation of credit markets. Contributors: Edward J. Green, Charles J. Jacklin, Bruce D. Smith, Sudipto Bhattacharya, Kathleen Hagerty, Robert Townsend, Neil Wallace, Lawrence M. Benveniste, Edward C. Prescott, and John H. Boyd.

In this article, we apply various econometric methods to estimate the demand function observed in the three main meat markets in Colombia (beef, pork and poultry). To construct these functions, price indexes were considered as independent variables (pl, p2, p3, p4, p5,) and Household Consumption (HC) as a proxy for a wealth variable. With this information, the Marshallian demand functions are built for type Xi = f (p, p2, p3, p4, p5, HC), which can help develop simple demand models and systems of equations. By verifying the assumptions made in accordance with the R^sup 2^ statistics, Durbin-Watson and economic theories, conclusions point out that the model with the Linear Approximation to Almost Ideal Demand System (AL-AIDS) meets the expected statistical and economic theory outcomes, becoming the best alternative to show the behavior of the meat market in Colombia. Based on the AIDS model results, these goods can be classified as nonnal goods as well. Finally, to calculate the different elasticities during the analysis period (2000-2007) for each meat market in question, substitution and complementarity relations between the goods studied and the income elasticity based on HC were identified. [PUBLICATION ABSTRACT]

This book on demand analysis links economic theory to empirical analysis. It provides insights on three levels. First, it reveals something about the economic universe. Second, it illustrates the advantages and disadvantages of various functional forms, and of demographic and stochastic specifications which have wide applicability in empirical demand analysis. Third, it supports the authors’ methodological claim that theory provides a useful framework for empirical analysis.

The necessary conditions for multistage budgeting to be at least approximately justified are reviewed, and the plausibility of these assumptions (i.e., weak separability and low variability of price indices with utility level) are discussed. Using no further assumptions, simple relationships between expenditure and price elasticities in different budgeting levels are derived. These results are applied to a three-stage model for Swedish food consumption, and it is shown that the assumptions are not inappropriate. Restricting the analysis to the last stage of a multistage budgeting process is also shown to lead to considerable errors, which could well have policy consequences.

In this article a unified approach for doing sensitivity analysis in equilibrium displacement models is presented that extends the existing method and overcomes many of its deficiencies. An empirical example from Gardner's seminal article highlights the advantages of the approach presented here.

Participation and site choice for Atlantic salmon fishing are modeled in the context of a repeated three-level nested-logit model. Consumer's surplus measures are derived for different levels of species availability in the Penobscot River, the most important salmon river in New England. For comparison, six other travel-cost models are estimated. These include restrictive cases of the nested-logit model, a partial demand model, and two single-site demand models. Comparisons across these models indicate the importance of modeling the participation decision, including income effects, and of adopting a nested-logit structure rather than a single-level logit structure.

The paper develops a theoretical foundation for using count data models in travel cost analysis. Two micro models are developed: a restricted choice model and a repeated discrete choice model. We show that both models lead to identical welfare measures.

Using the 1987-88 Nationwide Food Consumption Survey, twelve food commodity groups were analyzed according to household poverty status. Parameter estimates were used to obtain subsistence expenditures, own-price elasticities, expenditure elasticities, and income elasticities. Own-price elasticities were similar between the income groups for most commodities. However, income elasticities were consistently higher for the lower-income group. The use of average estimates of price and income elasticities for the population as a whole for the projection of individual commodity demands is not likely to be successful if notable changes are evident in income distribution.

Linearizing the Almost Ideal Demand System (LAIDS) by recourse to the Stone share weighted price index is common practice. Two issues are addressed here. First, scrutiny of the errors-in-variables implications of the linearization reveals that, not only is the SUR estimator inconsistent, but a consistent IV estimator cannot be constructed. Second, some alternatives to the Green-Alston elasticities specifically designed for the LAIDS model are developed, but neither these nor the Green-Alston elasticities are found to have any advantages over the conventional elasticity formulae. Some errors in the Green-Alston (1990) paper are corrected. The inconsistency and elasticity issues are documented by a Monte Carlo investigation.