The Benefit Function Approach to Modeling Price-Dependent Demand Systems: An Application of Duality Theory

The Benefit Function Approach to Modeling Price-Dependent Demand Systems: An Application of Duality Theory

In this article, we advocate more extensive use of the benefit function in specifying price-dependent or inverse demand models. We demonstrate how duality theory may be used to establish the interrelationships between the Marshallian (or Hicksian) inverse demands and Luenberger's adjusted price...

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Bibliographische Detailangaben
Veröffentlicht in:American Journal of Agricultural Economics. - Oxford University Press. - 91(2009), 4, Seite 1110-1123
1. Verfasser: McLaren, Keith R. (VerfasserIn)
Weitere Verfasser: Wong, K. K. Gary
Format: Online-Aufsatz
Sprache:English
Veröffentlicht: 2009
Zugriff auf das übergeordnete Werk:American Journal of Agricultural Economics
Schlagworte:benefit functions duality theory inverse demands numerical inversion estimation method Economics Mathematics Biological sciences Applied sciences Philosophy Business Physical sciences
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520 |a In this article, we advocate more extensive use of the benefit function in specifying price-dependent or inverse demand models. We demonstrate how duality theory may be used to establish the interrelationships between the Marshallian (or Hicksian) inverse demands and Luenberger's adjusted price functions, allowing estimable inverse demands to be derived directly from a benefit function. We estimate two systems of inverse demands for Japanese quarterly fish consumption. Results indicate that the procedures and methods employed here appear promising, and may prove beneficial for quantity and welfare analysis when modeling systems of inverse demand functions. 
540 |a Copyright 2009 Agricultural and Applied Economics Association 
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