Demand for seven categories of food in Greece: An application of the Rotterdam Model
1985
Ntemousis, M. (Agricultural Bank of Greece, Athens (Greece))
The estimation of demand parameters for seven food groups which enter the consumption basket of Greek households, constitutes the major objective of this paper. The estimation is based on annual time series observations covering the period 1960-1984. The Rotterdam model, complete system of demand equations, is used as the vehicle of estimation. Over all, the obtained results are satisfactory since all critical demand parameters have the expected signs and order of magnitude. The theoretical prediction that compensated own price elasticities are negative and the empirical observation and that the food demand is inelastic, is confirmed. Estimation of single demand equations is also carried out for comparison purposes
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