消费偏好参数估计中协整模型的选择

Selection of Co-integration Model in Consumption Preference Parameter Estimation

费和偏好是经济理论与实践的主要基石。协整方法在偏好估计中已经得到广泛应用，但以往文献在构建和选择协整方程时均存在不同程度的问题。文章以习惯形成、耐用品消费、非平稳偏好和技术冲击为例，说明方程的形式取决于干扰差异而非其本身，并总结了构建协整方程的一般思路。

Consumption and preference are the main cornerstones of economic theory and practice. Co-integration method has been widely applied in preference estimation, but in previous literatures, problems of different degrees exist in the construction and selection of co-integration equations. This paper takes habit-formatting, durable goods consumption, non-stationary prefer- ence and technology shocks as examples to explain that the form of the equation depends on the difference of interference rather than on itself, and also summarizes the general ideas of constructing co-integration equation.