Engel Functions, Panel Data, and Latent Variables
A system of consumer expenditure functions is estimated from Norwegian household budget data. Specific features of the approach are: (i) Panel data from individual households are used, which offer far richer opportunities for identification, estimation, and testing than cross section data. (ii) Meas...
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| Veröffentlicht in: | Econometrica 1993-11, Vol.61 (6), p.1395-1422 |
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| container_title | Econometrica |
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| creator | Aasness, Jørgen Biørn, Erik Skjerpen, Terje |
| description | A system of consumer expenditure functions is estimated from Norwegian household budget data. Specific features of the approach are: (i) Panel data from individual households are used, which offer far richer opportunities for identification, estimation, and testing than cross section data. (ii) Measurement errors are carefully modelled. Total consumption expenditure is modelled as a latent variable; purchase expenditures on different goods and two income measures are used as indicators of this basic latent variable. The usual assumption of no measurement error in total expenditure is clearly rejected. (iii) The distribution of latent total expenditure across households, and its evolution over time, is estimated and important properties tested. (iv) The distribution of individual differences in preferences, represented by individual time invariant latent variables, are modelled, estimated, and tested. (v) We test the hypothesis that preferences are uncorrelated with total consumption expenditure, which is basic to virtually all cross section studies of consumer demand functions. |
| doi_str_mv | 10.2307/2951648 |
| format | Article |
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Specific features of the approach are: (i) Panel data from individual households are used, which offer far richer opportunities for identification, estimation, and testing than cross section data. (ii) Measurement errors are carefully modelled. Total consumption expenditure is modelled as a latent variable; purchase expenditures on different goods and two income measures are used as indicators of this basic latent variable. The usual assumption of no measurement error in total expenditure is clearly rejected. (iii) The distribution of latent total expenditure across households, and its evolution over time, is estimated and important properties tested. (iv) The distribution of individual differences in preferences, represented by individual time invariant latent variables, are modelled, estimated, and tested. 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Specific features of the approach are: (i) Panel data from individual households are used, which offer far richer opportunities for identification, estimation, and testing than cross section data. (ii) Measurement errors are carefully modelled. Total consumption expenditure is modelled as a latent variable; purchase expenditures on different goods and two income measures are used as indicators of this basic latent variable. The usual assumption of no measurement error in total expenditure is clearly rejected. (iii) The distribution of latent total expenditure across households, and its evolution over time, is estimated and important properties tested. (iv) The distribution of individual differences in preferences, represented by individual time invariant latent variables, are modelled, estimated, and tested. (v) We test the hypothesis that preferences are uncorrelated with total consumption expenditure, which is basic to virtually all cross section studies of consumer demand functions.</abstract><cop>Malden, MA</cop><pub>Econometric Society</pub><doi>10.2307/2951648</doi><tpages>28</tpages><oa>free_for_read</oa></addata></record> |
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| source | Jstor Complete Legacy; JSTOR Mathematics & Statistics |
| subjects | Applications Beverages Biology, psychology, social sciences Budgets Commodities Consumer behavior Consumer spending Consumption Covariance matrices Demand curves Econometrics Economic theory Estimators Exact sciences and technology Expenditures Households Hypotheses Income taxes Insurance, economics, finance Mathematical analysis Mathematics Medical sciences Parametric models Preferences Probability and statistics Recreation Reliability, life testing, quality control Sciences and techniques of general use Statistics Studies Total expenditures Travel Variables |
| title | Engel Functions, Panel Data, and Latent Variables |
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