Fluid Milk Purchases: A Multivariate Tobit Analysis | Zendy

Cornick Jorge | Zendy; Cox Thomas L. | Zendy; Gould Brian W. | Zendy

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Fluid Milk Purchases: A Multivariate Tobit Analysis

Author(s) -

Cornick Jorge,

Cox Thomas L.,

Gould Brian W.

Publication year - 1994

Publication title -

american journal of agricultural economics

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 1.949

H-Index - 111

eISSN - 1467-8276

pISSN - 0002-9092

DOI - 10.2307/1243922

Subject(s) - tobit model , censoring (clinical trials) , econometrics , estimator , economics , mathematics , engel curve , multivariate statistics , statistics , price index

We formulate an econometric model of fluid milk expenditures, taking into account two important characteristics: expenditures may be censored at zero and may be interdependent across milk type. Censoring of fluid milk expenditures is addressed with a generalized Tobit system estimator. Interdependence of milk expenditures is examined through a likelihood function with no restrictions on elements of the Engel curve error covariance matrix. Expenditure function parameters are estimated using a March 1991 to March 1992 U.S. consumer panel.

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