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Recursive Subaggregation and a Generalized Hypocycloidal Demand Model
William A. Barnett
Abstract
We develop a demand model from a utility tree possessing interactions at all levels. The model is both highly flexible and globally integrable. We use an approach to recursive subaggregation permitting convenient estimation with an unlimited number of goods, and we apply the approach to the construction of a food price forecasting model.
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