Analysis of food consumption patterns in Korea: 1962-1990
1992
Lee, Yang Ho
The trends of food consumption and production in Korea were analyzed. Two-level food demand functions using An Almost Ideal Demand System (AIDS) model and data covering 1962 to 1990 were estimated. And income and price elasticities of 5 aggregate and 13 individual commodities were computed. The results of trend analysis, generally, supported the hypotheses that income increase leads to the decrease in the share of food in total expenditure, leads to the increase in the consumption of meat, milk, fruits and change in consumption leads to change in production except commodities mostly imported such as wheat, pulses and corn. According to the results of estimation of income elasticities, food crops including cereals like rice, barley and pulses already are shown as inferior good, pork, milk and fishery products are shown as luxuries that their income elasticities are greater than l, and the other commodities such as vegetables, fruits, chicken and eggs are normal goods. All own-price elasticities are negative, ranging from -0.1350 for fruits to -2.7959 for sesame. The results also show the cross-price elasticities valuable in terms of food policy.
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