Econometrica: Jul 1977, Volume 45, Issue 5
Recursive Subaggregation and a Generalized Hypocycloidal Demand Model
William A. BarnettWe 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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