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- Title
REPLY TO BASMANN, BATTALIO, AND KAGEL.
- Authors
Byron, R. P.
- Abstract
The article replies to a comment about the incompatibility of the log-linear demand system with the basic tenets of consumer maximization theory, because the restricted elasticity estimates warrant the conclusion that the unrestricted estimates satisfy the restricted Aitken estimates. Twelve of the restricted equations satisfy the homogeneity conditions to the degree of accuracy, given the truncation of results for the tabular presentation. It is now shown that the inference from the particular to the general is a classic non-sequitur.
- Subjects
ECONOMIC demand; PRODUCTION (Economic theory); EQUATIONS; MATHEMATICS; LINEAR algebra; ECONOMETRICS; FACTORS of production; DEMAND function; ELASTICITY (Economics); REAL variables
- Publication
Econometrica, 1973, Vol 41, Issue 2, p371
- ISSN
0012-9682
- Publication type
Article
- DOI
10.2307/1913497