جستجوی مقالات مرتبط با کلیدواژه "flexible functional forms" در نشریات گروه "اقتصاد"

In this paper, we employ the locally flexible normalized quadratic (NQ) cost function to estimate the demand for electricity, gasoil, and kerosene in the agricultural sector of Iran. We use the price and quantity of the forenamed energy resources being consumed in the agricultural sector between the years 1971 to 2017. To provide credible results, consistent with microeconomic theories, we examine and impose the regularity conditions, namely, we examine the positivity and monotonicity of the cost function and impose curvature. We find that own-price elasticities are negative, income elasticities are positive, and Morishima elasticities of substitution are in general positive, and all elasticities are generally statistically significant. An exception is electricity which does not provide statistically significant own-price and income elasticities and cannot easily be replaced by the other energy inputs.

This paper seeks to investigate and analyze the money demand function and its Engle curve in Iran. Money demand function and its Engle curve have been estimated through EASI demand system by making use of monthly data 1995:04-2007:03. The investigation of money demand function shows that monetary elements are weak substitutions of each other. Thus، some policy recommendation is provided on the basis of estimated elasticity (Income، Price، cross Price، and Morishima). Moreover، the investigation of Engle curve reflects that by the increase of income، first، individuals extract their money from demand deposit. Secondly، investment in timed deposits increases and thirdly، no change is observed in the amount of money being held as currency and travel checks.

This paper focuses on the residential sector demand for electricity, natural gas and petroleum products (Kerosene, gas oil and LPG) in Iran in the context of a popular locally flexible functional forms - “the almost ideal demand system (AIDS)”. We pay explicit attention to the theoretical regularity conditions of positivity, monotonicity, and curvature. We treat the curvature property as a maintained hypothesis and provide a comparison in terms of model's ability in estimation and in terms of violations of the theoretical regularity conditions. Finally, We provide a policy perspective, using annually data set from 1971 to 2005 (a total of 35 observations) and parameter estimates and a full set of elasticities (price, income and Allen & Morishima elasticities) that are consistent with full regularity.

It is important to identify demand for money in a country as well as combination of the money saved by people and how to substitute them in order to formulate strategic monetary policies. It is very important to decision-makers to know how significant their decisions will be. Therefore, before making a decision, they must measure the impact of those decisions according to people’s behavior and offer the best proposal.This paper uses two flexible function forms to analyze demand for money: Almost Ideal Demand System (AIDS), and Leontief Model. It is necessary to select a suitable model to represent people’s behavioral model. Past models estimated demand for money in Iran without attention to functional forms of demand and did not consider weak substitution among monetary components of the system.In this study, we use AIDS and Leontief Model to test “weak monetary substitution component” theory. Findings uphold the hypothesis of the research. As for people’s sensitivity toward increased revenues, findings show traction of three components has been on the fall in recent years.Estimation of demand for money in Iran according to functional forms is done using monthly data series pertaining to 1995-2007. Finally, policy recommendations are provided on the basis of estimated parameters and various forms of traction (income, price, and Murishima Elasticities of Substitution).

This paper tries to provide an estimate of efficiency in eight Iranian banks, namely, Melli, Saderat, Mellat, Tejarat, Sepah, Refah, Keshavarzi and Maskan during 1996-2008, using the globally flexible Fourier Cost Functional Form and imposing theoretical regularities, discussed in Neoclassic microeconomic theory. One of the efficiency estimation methods is to estimate the cost function of banks. In order to choose a suitable ‘functional form’ for the cost function, according to Gallant (1982), local flexible functional forms such as translog may misspecify the real cost functional form; therefore, there is a tendency for globally flexible functional forms. Meanwhile, Gallant and Golub (1984) showed that estimating cost function without satisfying theoretical regularities, positivity, monotonicity and curvature, results in mismeasured magnitudes of cost efficiency and misleading efficiency results. Hence, it is necessary that these regularity conditions be imposed to cost function. We find that Iranian public banking industry suffers from 15 percent inefficiency in average.