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Utility Maximization and the Demand for New Zealand Meats

Robin H. Court
Econometrica
Vol. 35, No. 3/4 (Jul. - Oct., 1967), pp. 424-446
Published by: The Econometric Society
DOI: 10.2307/1905647
Stable URL: http://www.jstor.org/stable/1905647
Page Count: 23
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Utility Maximization and the Demand for New Zealand Meats
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Abstract

The pure theory of consumer demand is a thoroughly developed topic, more so than is its use in providing extra information to improve estimates of demand parameters. In this paper some aspects of the Slutsky-Hicks-Allen theory of demand are used in conjunction with multivariate statistical analysis to provide estimates of elasticities of domestic demand for several New Zealand meats. These estimates are more efficient, in a statistical sense, and considerably superior for prediction purposes than are corresponding results obtained by more standard methods. In addition, the utility maximizationtheory is tested to see if it is an hypothesis capable of explaining observed demand for the meats considered.

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