This paper proposes a Bayesian approach to perform inference in the exact affine Stone index (EASI) demand system that was proposed by Lewbel and Pendakur (2009), while taking into account nonlinearity and endogeneity. A Bayesian approach enables us to easily handle censored data, test and impose inequality restrictions (strict cost monotonicity) and concavity of the cost function, and perform inference of nonlinear functions of the parameter estimates as by-product of the posterior chains. We compare our proposal with Lewbel and Pendakur (2009)'s results, based on iterative linear three-stage least squares (3SLS). Although we found no statistically significant differences in point estimates between these two approaches, it seems that ignoring censoring overestimates precision.

中文翻译：

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精确仿射斯通指数需求系统的贝叶斯估计：复制 Lewbel 和 Pendakur (2009) 结果

本文提出了一种贝叶斯方法，在 Lewbel 和 Pendakur (2009) 提出的精确仿射斯通指数 (EASI) 需求系统中进行推理，同时考虑了非线性和内生性。贝叶斯方法使我们能够轻松处理删失数据，测试和施加不等式限制（严格成本单调性）和成本函数的凹度，并执行作为后链副产品的参数估计的非线性函数的推断。我们将我们的建议与 Lewbel 和 Pendakur (2009) 基于迭代线性三阶段最小二乘法 (3SLS) 的结果进行比较。尽管我们发现这两种方法在点估计上没有统计学上的显着差异，但似乎忽略审查高估了精度。