A STEPWISE PROCEDURE FOR CONSTRAINED UTILITY MAXIMIZATION*
作者:
Shahram Taj,
Cleve Willis,
期刊:
Decision Sciences
(WILEY Available online 1988)
卷期:
Volume 19,
issue 1
页码: 104-118
ISSN:0011-7315
年代: 1988
DOI:10.1111/j.1540-5915.1988.tb00256.x
出版商: Blackwell Publishing Ltd
关键词: Consumer Behavior;Statistical Techniques;Utility Theory.
数据来源: WILEY
摘要:
ABSTRACTConstrained utility maximization underlies much consumer behavior in economics. Opportunities for solving important problems are ever present. However, most potential applications remain potential because existing software packages are not able to estimate the systems of equations necessary to identify the utility function. At least three features often conspire to make these problems intractable: the size of the system of equations that must be estimated, the lack of any theory for imposing zero restrictions on many of the parameters of the nonadditive utility functions, and the necessity to insure negative definiteness consistent with the axioms of consumer behavior. This paper develops an approach and illustrates the stepwise least squares estimator of a group of equations by application to the demand for food items.
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