An application of maximum entropy estimation: the demand for meat in the United Kingdom

被引:32
作者
Fraser, I [1 ]
机构
[1] La Trobe Univ, Fac Law & Management, Sch Business, Bundoora, Vic 3083, Australia
关键词
D O I
10.1080/000368400322976
中图分类号
F [经济];
学科分类号
02 ;
摘要
In many econometric studies of demand relationships the design matrix is frequently subject to severe collinearity. In this paper the Generalized Maximum Entropy methodology is introduced and used to estimate a set of demand relationships. The ability of Generalized Maximum Entropy to estimate economic relationships that are typically subject to a high degree of collinearity among the explanatory variables, thus potentially causing traditional methods of estimation to be unreliable, is explained. The results derived by this alternative method of estimation, for a UK meat demand data set, are analysed and examined. The potential for this emerging estimation methodology is discussed.
引用
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页码:45 / 59
页数:15
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