The U.S. Demand for Imported and Domestically Produced Foods: An Investigation of lntertemporal and Substitution Effects
2017
Isard, Peter | Lowrey, Barbara | Swamy, P. A. V. B. | Conway, Roger
This article extends the literature on time series estimation of U.S. consumerdemand by presenting a coherent theoretical structure with a multi-period planninghorizon for consumer choice and a more general treatment of the aggregationproblem that allows the possibility that consumers' tastes change over timeand vary across individuals. Based on our theoretical model, an econometric modelis used to obtain estimates in a multi-period context of U.S. demand for importedfoods and domestically produced foods. The hypothesis that current purchasesdepend on expected future prices is supported by the empirical results for importedfoods.
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