Applied Econometrics with SAS: Modeling Demand, Supply, and Risk

Description

Using Applied Econometrics with SAS: Modeling Demand, Supply, and Risk, you will quickly master SAS applications for implementing and estimating standard models in the field of econometrics. This guide introduces you to the major theories underpinning applied demand and production economics. For each of its three main topics—demand, supply, and risk—a concise theoretical orientation leads directly into consideration of specific economic models and econometric techniques, collectively covering the following: Double-log demand systems Linear expenditure systems Almost ideal demand systems Rotterdam models Random parameters logit demand models Frequency-severity models Compound distribution models Cobb-Douglas production functions Translogarithmic cost functions Generalized Leontief cost functions Density estimation techniques Copula models SAS procedures that facilitate estimation of demand, supply, and risk models include the following, among others: PROC MODEL PROC COPULA PROC SEVERITY PROC KDE PROC LOGISTIC PROC HPCDM PROC IML PROC REG PROC COUNTREG PROC QLIM An empirical example, SAS programming code, and a complete data set accompany each econometric model, empowering you to practice these techniques while reading. Examples are drawn from both major scholarly studies and business applications so that professors, graduate students, government economic researchers, agricultural analysts, actuaries, and underwriters, among others, will immediately benefit. This book is part of the SAS Press program. Contents About the Authors Acknowledgments Introduction Overview Applications of Economic Analysis Intended Audience Examples for Hands-On Practice Theory of Demand Overview Preference Axioms and the Utility Function Utility and Marshallian Demands A Graphical Look at Utility and Demand Indirect Utility Hicksian Demands and Expenditures The Slutsky Equation Elasticities Separability and Aggregation Empirical Approaches to Demand Analysis Overview Double Logarithmic Demand Functions The Double Log Form Empirical Analysis Rotterdam Model Absolute Price and Relative Price Rotterdam Formulations Empirical Analysis Almost Ideal Demand System Full and Linear Approximate AIDS Models Empirical Analysis Demand for Differentiated Products Discrete Choice Logit Models Empirical Analysis Conclusion Theory of Supply Overview The Production Function The Cost Function and Derived Factor Demands The Profit Function Profit Derived Factor Demands Elasticities Concepts of Time in Production Separability and Aggregation Empirical Approaches to Supply Analysis Overview Cobb–Douglas Production Econometric Analysis Translog Functional Form Empirical Analysis Frontier Production Functions Empirical Analysis Empirical Approaches to Risk Overview Frequency and Severity Modeling Compound Distribution Model Empirical Analysis Agricultural Insurance Yield Insurance Empirical Analysis Revenue Insurance Dependence and Copulas Empirical Analysis References Index