The demand for milk in Australia: estimation of price and income effects from the 1984 household expenditure survey [fresh milk; cream; econometric model]
1987
Bewley, R. (New South Wales Univ., Kensington (Australia))
Cross-sectional data are used to estimate a three-equation generalised addilog demand system (GADS); equations are used to express the demand for milk by method of sale and a residual equation is used to close the system. It is shown that, as the average budget share of the residual equation approaches unity, the GADS equations for the incomplete system are approximately equivalent to double logarithmic equations. It is found that aggregate milk demand is relatively insensitive to both price and income, but the degree of substitution between delivered and non-delivered milk is both large and highly significant.
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