Discussion: The Implications of Homothetic Separability for Share Equation Price Elasticities
讨论：位似可分性对份额方程价格弹性的含义AI 解读 ↓
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讨论：位似可分性对份额方程价格弹性的含义
- 研究问题
- 在位似可分效用假设被正确施加时，用支出份额方程估计需求价格弹性是否仍有系统性偏误，潜在偏误来自何处？
- 方法与思路
- 作者通过解析推导反驳被讨论文章的结论，检查其蒙特卡洛结果，并重新设定模拟实验以研究份额方程估计的问题。
- 材料陈述的贡献
- 作者反驳正确施加位似可分性仍必然导致弹性偏误的结论，并将潜在偏误指向价格同时出现在支出份额方程两侧的设定。
- 阅读关注点
- 核对位似可分性的形式、份额方程到价格弹性的推导、两套模拟设计的差异，以及潜在偏误与Ⅰ类错误之间的关系。
- 阅读边界
- 摘要未说明潜在偏误的具体形成条件、Ⅰ类错误幅度和模拟设计；不能据此认定所有支出份额需求系统都存在偏误。
原文摘要
The assumption of homothetically separable utility (HSU) has been widely used in many recent studies of consumer demand. Atkinson (1979,1981), Caves and Christensen (1980), and Lau and Lillard (1979) maintain rather than test HSU in estimating price elasticities for electricity time-of-use pricing experiments, because of the nature of the data collected. Maintaining HSU when it cannot be supported by the structure of consumer preferences may lead to substantial biases in estimated elasticities. However, Kohler purports to show systematic biases for price elasticities estimated in an HSU system, even when it is correctly imposed, if estimation is carried out using a system of expenditure share equations. The purpose of this discussion is first to show that Kohler's proposition regarding HSU is incorrect, and then to derive the correct implications for elasticities computed from share equations under HSU. In Section 2 of this discussion, I show that Kohler's analytical conclusion that HSU guarantees biased price elasticities is erroneous. In Section 3, I examine Kohler's Monte Carlo results, showing that they are nonrobust and incorrectly characterize an HSU demand system. I then present the correctly specified Monte Carlo experiment, which raises some problems regarding Type I error in share equation estimation. The potential bias derives not from estimation of an HSU system, but rather from estimation of a system of expenditure share equations, where prices appear on both sides of the equation.