Maximum Likelihood Estimation of the Linear Expenditure System
Journal of the American Statistical AssociationPublished 1 December 1971
Richard W. Parks
Citations12
SJR quartileQ1
SJR score4.10
SNIP3.08
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Abstract
Abstract The linear expenditure system provides a convenient model for representing consumer response to prices and income. The parameters of the model enter nonlinearly and standard estimation procedures lack desirable properties. This note discusses the problems with existing techniques and derives the maximum-likelihood estimators. The linear expenditure system (LES) was proposed and applied by Stone [7, 8], and it has found further application in [9], [2], and [4]. Aspects of the estimation of the LES are also discussed in [3].
Keywords
Economics, Econometrics and Finance