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| Almost Ideal Demand System× | Discrete Choice Demand Model× | |
|---|---|---|
| Oblast | Ekonomija | Ekonomija |
| Porodica | Regression model | Regression model |
| Godina nastanka≠ | 1980 | 1995 |
| Tvorac≠ | Angus Deaton & John Muellbauer | Daniel McFadden (logit); Berry, Levinsohn & Pakes (random-coefficients aggregate demand) |
| Tip≠ | Flexible complete demand system in budget-share form | Characteristics-based discrete-choice model of demand for differentiated products |
| Temeljni izvor≠ | Deaton, A., & Muellbauer, J. (1980). An almost ideal demand system. The American Economic Review, 70(3), 312–326. link ↗ | McFadden, D. (1974). Conditional logit analysis of qualitative choice behavior. In P. Zarembka (Ed.), Frontiers in Econometrics. Academic Press. ISBN: 9780127761503 |
| Drugi nazivi | AIDS, Deaton-Muellbauer Demand System, LA-AIDS, Almost Ideal Demand Model | Discrete Choice Demand, Random-Coefficients Logit Demand, BLP Demand Model, Characteristics-Based Demand Model |
| Srodne | 3 | 3 |
| Sažetak≠ | The Almost Ideal Demand System (AIDS), introduced by Angus Deaton and John Muellbauer in 1980, is the workhorse flexible demand system in applied microeconomics. It models each good's budget share as a linear function of the logarithms of all prices and of log real total expenditure, derived from a flexible (PIGLOG) cost function. The form is 'almost ideal' because it satisfies the axioms of choice exactly, aggregates consistently over heterogeneous consumers, has a functional form that is a first-order approximation to any demand system, and can be estimated and tested for homogeneity and symmetry with linear regression once a price index is specified. | Discrete-choice demand models estimate the demand for differentiated products — cars, cereals, computers — by modeling consumers as choosing the single product that maximizes their random utility, where utility depends on the product's observed characteristics and price plus an unobserved quality term and an idiosyncratic taste shock. Aggregating individual choice probabilities yields predicted market shares, which are matched to observed shares to recover preference parameters. The framework spans the simple multinomial and nested logit of McFadden to the Berry-Levinsohn-Pakes (BLP) random-coefficients model that uses aggregate market data, allows flexible substitution, and instruments for price endogeneity. |
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