The paper develops a measure of consumer welfare losses associated with withheld information about BSE linkage with vCJD. food safety. The Cost of Ignorance (COI) is measured by comparing the utility of the informed choice with the utility of the uninformed one, under condition of improved information. Unlike previous work, based on a single equation demand model, the measure is obtained retrie...

This paper examines the impact of a rise in the Value Added Tax (VAT) on poverty and inequality in Lebanon. To this end, the paper develops an empirical model based on consumer demand theory and uses only household survey data on expenditures and spatial price indexes. The simulation results using an Almost Ideal Demand System show that the projected VAT rate increases will have a limi...

We invent Implicit Marshallian Demands, a new type of demand function that combines desirable features of Hicksian and Marshallian demand functions. We propose and estimate the Exact Af ne Stone Index (EASI) Implicit Marshallian Demand system. Like the Almost Ideal Demand (AID) system, EASI budget shares are linear in parameters given real expenditures. However, unlike the AID, EASI demands can...

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abstract: on december 2010, the government of iran ended the decades-long subsidy program for bread and energy products and launched the targeted subsidy reform program that considerably raised prices of food products. the objective of the study was to measure welfare impacts of food price changes on iranian urban households between two survey data of 2009/10 and 2011/12 which were taken from i...

SUMMARY This paper presents an estimate of the costs of reducing CO2 emissions as agreed in Kyoto by Annex 1 countries. Unlike most of the existing literature, this paper uses an Almost Ideal Demand System model for energy products to estimate the role of each country within the Annex 1 market. A major result is the provision of marginal (and total) abatement costs for each. The recent position...

A new information-based approach for estimating systems of many equations with nonnegativity constraints is presented. This approach, called generalized maximum entropy (GME), is more practical and efficient than traditional maximum likelihood methods. The GME method is used to estimate an almost ideal demand system for five types of meat using cross-sectional data from Mexico, where most house...

Money demand modelsoverpredicted M2 growth in theUnited States from 1990 to 1993. We examine this overprediction using a model ofhousehold demand for liquid wealth. The model is a dynamic generalization ofthe almost-ideal demand model ofDeaton and Muellbauer (1980). We find that the own-price elasticity ofmoney demand rose substantially after 1990. We also find important cross-price elasticitie...