Estimating food consumption component of utility function of average Czech household
2001
Syrovatka, P. (Mendelova Zemedelska a Lesnicka Univ., Brno (Czech Republic). Ustav Podnikove Ekonomiky)
The paper deals with estimation of consumption component of utility function of average Czech household between 1995-2000. The following food items were examined from the consumption bundle of average Czech household: meat and meat products, fish and fish products, fats and oil, eggs, milk and cheese, bread, bakers'products, potatoes and vegetables, fruit and fruit products, sugar and candies, cacao, coffee, tea and other food, soft drinks. Power function was chosen as utility function, because data about food consumption had relatively high aggregation level. The exponents of the power utility function were computed as ratio of food expenditure and household income. The time stability of expenditure ratios or its time development was researched by no adaptive decomposition regression method in its additive forms. The time development models of expenditure ratio were statistically tested by means of F-test of determination index value. Through significant levels of determination indexes for the studied individual food groups dynamic consumable component of utility function were crcated. Statistic utility functions were used on year periods.
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