Journal of Families and Better Life (가정과삶의질연구)

Korean Home Management Association (가정과삶의질학회)
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A Comparison of the Goodness-of-Fit between Two Models of Expenditure Function: a Single-Equation Model versus a Complete- System-of-Demand-Equation Model

단일방정식과 관련방정식체계를 적용한 소비지출 함수의 모델 적합성 비교

  • 황덕순 (전남대학교 가정대학 가정관리학과) ;
  • 김숙향 (호남대학교 생활과학과)
  • Published : 2002.02.01
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Abstract

The main purposes of this article are to introduce the theoretical backgrounds and empirical application methods of two different Models for the function of expenditure, and to compare the goodness-o(-fit of the two models: a single-equation model and a complete-system-of-demand-equation model. For the empirical analysis of the single-equation model, a linear formula and a double-leg formula were employed. In order to test the complete-system-of-demand-equation model empirically, the \"Linear Approximation/Almost Ideal Demand System (LA/AIDS)" was used. The independent variables were the total living expense and expenditure categories Price index. The data used in this study were obtained from the quarterly statistics of "The Annual Report on the Urban Family Income and Expenditure Survey (Dosigagyeyonbo)" and "The Annual Report on the Consumer Price Index (Sobijamulgajaryo)," for the years 1994 to 1997. The goodness-of-fit (R-square) was higher with the complete-system-of-demand-equation model than with the single-equation model for the budget share on food (excluding eating-out expenses) and for the share on cultural and recreational activities. However, there was no difference between the two models in terms of the proportion of the expenditure on automobile fuel.fuel.

Keywords

References

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