BOX-COX TRANSFORMATIONS AND ERROR TERM SPECIFICATION IN DEMAND MODELS
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This paper analyzes the influence of error-term specification and functional form on a quarterly demand model for beef. The Box-Cox transformation is used to generalize the functional form while the equation error term is postulated to be both heteroskedastic and autoregressive. Results indicated that both functional form and error-term specification can play a major role in elasticity estimation, elasticity behavior, and hypothesis testing.