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Latent total consumption expenditure, unobservable individual preferences and panel data
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UNSPECIFIED (2002) Latent total consumption expenditure, unobservable individual preferences and panel data. ECONOMIC MODELLING, 19 (2). pp. 277-293. ISSN 0264-9993.
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Abstract
This paper applies the errors-in-variables approach on Chinese panel data to estimate a system of consumer expenditure functions. In particular, total consumption expenditure is treated as a latent variable, while purchase expenditures on different goods and total household income are used as its indicators. It is shown that the common assumption of no measurement error in total expenditure can yield substantial bias in the estimators of the Engel functions, while the standard practice of assuming independence between preferences and total expenditure is acceptable on its own. (C) 2002 Elsevier Science B.V. All rights reserved.
| Item Type: | Journal Article | ||||
|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HC Economic History and Conditions | ||||
| Journal or Publication Title: | ECONOMIC MODELLING | ||||
| Publisher: | ELSEVIER SCIENCE BV | ||||
| ISSN: | 0264-9993 | ||||
| Official Date: | March 2002 | ||||
| Dates: |
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| Volume: | 19 | ||||
| Number: | 2 | ||||
| Number of Pages: | 17 | ||||
| Page Range: | pp. 277-293 | ||||
| Publication Status: | Published |
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