An application of cointegration theory in the estimation of the Almost Ideal Demand system for food consumption in Bulgaria
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The Almost Ideal Demand system is applied to consumption in Bulgaria. It is argued that the conventional estimation of the Almost
Ideal model should be done within the framework of contemporary time series methodology. In this paper, the canonical cointegrating
regression procedure of Park is applied. It is argued that the results of the Almost Ideal Demand system that are presented are consistent
with both theory and 'casual' observation of consumer behaviour in Bulgaria.