Dataset: sugar_demand.dat
Sources: H. Schultz(1933). "A Comparison of Elasticities of Demand
Obtained by Different Methods," Econometrica, Vol.1, #3, pp.274-308
H. Schultz (1925). "The Statistical Law of Demand, Appendix 2,"
Journal of Political Economy, Vol.33, #6,pp.634-637.
Description: Sugar Consumption, unadjusted prices, US population,
and wholesale price indices for 1896-1914.
Models suggested by author: Q=Per Capita Consumption (Pounds),
P=Real (adjusted) Price T=time (year-1905)
1) Q = a + b*P + c*T
2) Q = A*(P^B)*exp(CT)
3) Q1 = a1 + b1*P
4) Q1 = A1*(P1^B1)
5) Q2 = a2 + b2*P2
6) Q2 = A2*(P2^B2)
Q1 = Q/trend(Q) where trend(Q) = c + d*T similar for P1
Q2 = Q(t)/Q(t-1) similar for P2 (will lose one observation)
Variables/Columns
Year 5-8
US sugar consumption (1000s of tons) 10-16
Price per pound (Cents, Unadjusted) 18-24
Population (Millions) 26-32 /* Obtained from 1925 paper, different 1933*/
BLS Wholesale Price Index (1913=100) 34-40