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Functional structure and approximation in econometrics

Record Type:	Electronic resources : Monograph/item
Title/Author:	Functional structure and approximation in econometrics/ edited by J.M. Binner.
other author:	Barnett, W. A.
Published:	Bingley, U.K. :Emerald, : 2004.,
Description:	1 online resource (xxxvi, 673 p.).
Subject:	Business & Economics - Econometrics. -
Online resource:	http://www.emeraldinsight.com/0573-8555/261
ISBN:	9781849508421 (electronic bk.)

Functional structure and approximation in econometrics
Functional structure and approximation in econometrics[electronic resource] /edited by J.M. Binner. - Bingley, U.K. :Emerald,2004. - 1 online resource (xxxvi, 673 p.). - Contributions to economic analysis,v. 2610573-8555 ;. - Contributions to economic analysis ;v. 291..

Includes bibliographical references (p. 617-646) and indexes.

The three-dimensional global properties of the minflex laurent, generalized leontief and translog flexible functional forms1 / Michael D. Wolfe -- The global properties of the two minflex laurent flexible functional forms / Michael Wolfe -- The Miintz-Szatz demand system : an application of aglobally well-behaved series expansion1 / Andrew B. Jonas -- Semi-parametric estimation of the Asymptotically Ideal Model : the AIM demand system / Piyu Yue -- Semi-nonparametric Bayesian estimation of the Asymptotically Ideal Model : the AIM demand system / Piyu Yue -- Recursive subaggregation anda generalized hypocycloidal demand model1 / William A. Barnett -- A Monte Carlo study of tests of blockwise weak separability / Seungmook Choi -- The recent reappearance of the homotheticity restriction on preferences / William A. Barnett -- Semi-nonparametric Bayesian estimation of the Asymptotically Ideal Production Model1/ Michael Wolfe -- Financial firm production of monetary services : a generalized symmetric Barnett variable profit function approach / JeongHo Hahm -- Financial firm's production and supply-side monetary aggregation under dynamic uncertainty / Ge Zhou -- The joint allocation of leisure and goods expenditure / W.A. Barnett -- Tastes and technology : curvature is not sufficient for regularity / William A. Barnett -- Pollak and Wachter on the household production function approach / William A. Barnett -- Maximum likelihood and iterated Aitken estimation of nonlinear systems of equations / William A. Barnett -- A test of normality in nonlinear systems of consumer demand equations / William A. Barnett -- Random sets and confidence procedures / William A. Barnett -- The aggregation-theoretic monetary aggregates are chaotic and have strange attractors : an econometric application of mathematical chaos / Ping Chen -- Robustness of nonlinearity and chaos tests to measurement error, inference method, land sample size / Mark J. Jensen -- Time series cointegration tests and nonlinearity / Travis D. Nesmith -- Has chaos been discovered with economic data? / Melvin J.Hinich -- A single-blind controlled competition among tests for nonlinearity and chaos / Mark J. Jensen -- Definitions of second-order approximation and of flexible functional form / W.A. Barnett -- The global properties of the minflex laurent,generalized leontief, and translog flexible functional forms / J.M. Binner -- The differential approach / W.A. Barnett -- The minflex laurenttranslog flexible functional form / W.A. Barnett.

Economic theory defines and constrains admissible functional form and functional structure throughout the economy. Constraints on behavioral functions of individual economic agents and on the recursive nesting of those behavioral functions often are derived directly from economic theory. Theoretically implied constraints on the properties of equilibrium stochastic solution paths also are common, although are less directly derived. In both cases, the restrictions on relevant function spaceshave implications for econometric modeling and for the choice of hypotheses to be tested and potentially imposed. This book contains state-of-the-art cumulative research and results on functional structure, approximation, and estimation: for (1) individual economic agents, (2) aggregation over those agents, and (3) equilibrium solution stochastic processes. A: Functional Structure Modeling, Aggregation, and Estimation. Over the past 25 years, William Barnett, who is a coeditor of this volume, has advanced the state of the art of this subject in many directions.He has contributed many new modeling and inference approaches, such asthe Laurent series flexible functional form approach, the Muntz-Szatz series seminonparametric approach, the generalized hypocycloidal utility tree approach, and an aggregated convergence approach within the space of stochastic differential equations. Many of Barnett's innovations contain the earlier Taylor series and CES approaches as nested special cases. Healso has contributed extensively to the literature on aggregation over approximating specificationsin econometrics, as well as to aggregation over economic agents and goods in economic theory. In addition, his work in those areas has motivated new approaches by others, suchas the generalized symmetric Barnett approach originated by Diewert and Wales (1987). Part 1 of this book contains Barnett'scontributions tofunctional structure modeling and estimation for consumers, while Part2 contains his contributions on those subjects for firms. B: Statistical Theory. Barnett's contributions to statistical theory provide much of the asymptotic statistical theory needed to apply econometric inference procedures to the literature on economic functional structure and approximation. His contributionsto the relevant statistical theory include discovery of the measure theoretic foundations for confidence regions in sampling theoretic statistics and the derivation of the asymptotictheory for joint maximum likelihood inference with closed-form systemwide models. He originated a multivariate extension of the Kolmogorov-Smirnov test to permit testing the disturbances of an equation system formultivariate normality. Part 3 contains relevant results in statistical theory. C: Nonlinear Time Series.Analogous approximation and function space problems arise in time series approaches. A Volterra expansion in the time domain with a finite number of terms cannot span the space of possible time-series solution processes from the state space structures of economic theory. Hence when sample size is finite, all structural and time-series approximating specifications, whether dynamic or static, drivean unavoidable wedge between econometrics and economic theory. No easy solution exists to this inherently deep problem in econometric modeling and testing. In the time series literature, Barnett has designed and run a competition among tests for nonlinear and chaotic structure. The purpose was to investigate paradoxes that arose in that literature following his publication of findings of nonlinearity and chaos insome economic time series. The literature on modeling and filtering out linear structure from time series is now highly advanced. But many unsolved problems remain in the literature on modeling or filtering out various forms of nonlinear structure from time series. The results of Barnett's competition have cast much needed light on those problems and the relative properties of thevarious available competing approaches. Contributions to time series modeling and inference in the time domain and the frequency domain are provided in Part 4.

ISBN: 9781849508421 (electronic bk.)Subjects--Topical Terms:

332662
Business & Economics
--Econometrics.

LC Class. No.: HB139 / .F86 2004

Dewey Class. No.: 330.015195

Universal Decimal Class. No.: 330.43

Functional structure and approximation in econometrics
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520 $a Economic theory defines and constrains admissible functional form and functional structure throughout the economy. Constraints on behavioral functions of individual economic agents and on the recursive nesting of those behavioral functions often are derived directly from economic theory. Theoretically implied constraints on the properties of equilibrium stochastic solution paths also are common, although are less directly derived. In both cases, the restrictions on relevant function spaceshave implications for econometric modeling and for the choice of hypotheses to be tested and potentially imposed. This book contains state-of-the-art cumulative research and results on functional structure, approximation, and estimation: for (1) individual economic agents, (2) aggregation over those agents, and (3) equilibrium solution stochastic processes. A: Functional Structure Modeling, Aggregation, and Estimation. Over the past 25 years, William Barnett, who is a coeditor of this volume, has advanced the state of the art of this subject in many directions.He has contributed many new modeling and inference approaches, such asthe Laurent series flexible functional form approach, the Muntz-Szatz series seminonparametric approach, the generalized hypocycloidal utility tree approach, and an aggregated convergence approach within the space of stochastic differential equations. Many of Barnett's innovations contain the earlier Taylor series and CES approaches as nested special cases. Healso has contributed extensively to the literature on aggregation over approximating specificationsin econometrics, as well as to aggregation over economic agents and goods in economic theory. In addition, his work in those areas has motivated new approaches by others, suchas the generalized symmetric Barnett approach originated by Diewert and Wales (1987). Part 1 of this book contains Barnett'scontributions tofunctional structure modeling and estimation for consumers, while Part2 contains his contributions on those subjects for firms. B: Statistical Theory. Barnett's contributions to statistical theory provide much of the asymptotic statistical theory needed to apply econometric inference procedures to the literature on economic functional structure and approximation. His contributionsto the relevant statistical theory include discovery of the measure theoretic foundations for confidence regions in sampling theoretic statistics and the derivation of the asymptotictheory for joint maximum likelihood inference with closed-form systemwide models. He originated a multivariate extension of the Kolmogorov-Smirnov test to permit testing the disturbances of an equation system formultivariate normality. Part 3 contains relevant results in statistical theory. C: Nonlinear Time Series.Analogous approximation and function space problems arise in time series approaches. A Volterra expansion in the time domain with a finite number of terms cannot span the space of possible time-series solution processes from the state space structures of economic theory. Hence when sample size is finite, all structural and time-series approximating specifications, whether dynamic or static, drivean unavoidable wedge between econometrics and economic theory. No easy solution exists to this inherently deep problem in econometric modeling and testing. In the time series literature, Barnett has designed and run a competition among tests for nonlinear and chaotic structure. The purpose was to investigate paradoxes that arose in that literature following his publication of findings of nonlinearity and chaos insome economic time series. The literature on modeling and filtering out linear structure from time series is now highly advanced. But many unsolved problems remain in the literature on modeling or filtering out various forms of nonlinear structure from time series. The results of Barnett's competition have cast much needed light on those problems and the relative properties of thevarious available competing approaches. Contributions to time series modeling and inference in the time domain and the frequency domain are provided in Part 4.
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