Testing the aggregation of goods and services without separability using panel data

IF 1.9 4区 经济学 Q2 ECONOMICS
Manami Ogura
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Abstract

After Japan’s bubble economy collapsed in 1991, household values diversified, and, gradually, the budget shares on intangible services exceeded that on tangible goods, leading to a shift from demand for goods to services. In this study, we focus on the increased budget allocation to services in Japanese household expenditure and verify whether service-related items can be aggregated into a service group using Lewbel’s (Am Econ Rev 86(3):524–543, 1996) generalized composite commodity theorem (GCCT). We first accurately reclassify into all 51 items consisting of goods and services and verify whether these aggregations are justified. Next, we verify whether these 51 items can be sub-aggregated into goods or service groups. In testing the GCCT, we incorporate panel time-series analysis with cross-sectional dependence, unlike traditional GCCT tests with time-series data. We also conduct a nonparametric revealed preference test for weak separability as a benchmark against the GCCT test results. Our findings demonstrate that the utility function can be rationalized even when the data set is reclassified into 51 items, justifying the aggregation into service groups. This suggests that in the future, specifying the functional form of a service group can be developed into a traditional demand analysis, such as calculating estimates and elasticities.

Abstract Image

利用面板数据测试商品和服务的聚合而不分离
1991 年日本泡沫经济崩溃后,家庭价值多元化,无形服务的预算份额逐渐超过有形商品,导致对商品的需求转向服务。在本研究中,我们将重点放在日本家庭支出中服务预算分配的增加上,并利用卢贝尔(Am Econ Rev 86(3):524-543, 1996)的广义复合商品定理(GCCT)来验证与服务相关的项目是否可以归入服务类别。我们首先准确地将商品和服务重新归类为所有 51 个项目,并验证这些归类是否合理。其次,我们验证这 51 个项目是否可以细分为商品或服务组。在检验 GCCT 时,我们结合了具有横截面依赖性的面板时间序列分析,这与传统的时间序列数据 GCCT 检验不同。我们还对弱分离性进行了非参数揭示偏好检验,以此作为 GCCT 检验结果的基准。我们的研究结果表明,即使将数据集重新划分为 51 个项目,效用函数也是合理的,从而证明了将数据集划分为服务组的合理性。这表明,在未来,指定服务组的功能形式可以发展成传统的需求分析,如计算估计值和弹性。
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来源期刊
CiteScore
4.40
自引率
0.00%
发文量
157
期刊介绍: Empirical Economics publishes high quality papers using econometric or statistical methods to fill the gap between economic theory and observed data. Papers explore such topics as estimation of established relationships between economic variables, testing of hypotheses derived from economic theory, treatment effect estimation, policy evaluation, simulation, forecasting, as well as econometric methods and measurement. Empirical Economics emphasizes the replicability of empirical results. Replication studies of important results in the literature - both positive and negative results - may be published as short papers in Empirical Economics. Authors of all accepted papers and replications are required to submit all data and codes prior to publication (for more details, see: Instructions for Authors).The journal follows a single blind review procedure. In order to ensure the high quality of the journal and an efficient editorial process, a substantial number of submissions that have very poor chances of receiving positive reviews are routinely rejected without sending the papers for review.Officially cited as: Empir Econ
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