The GOLD/PRAY Demand Model Revisited: A Response to a Response

Ken Goosen

Abstract


In 2010, I presented a paper at ABSEL in which I identified and discussed some problems which potentially reside in the Gold/Pray demand model.  The next year at ABSEL, Gold, Markulis and Strang presented a paper in which they responded to the issues I raised. They concluded that the issues raised could be eliminated by selection of different parameters or that I had incorrectly understood their demand algorithm.  In one instance, their solution created a new problem. Their paper was a good response and gave a better understanding and new insights into the  Gold/Pray demand algorithm. In one sense, their paper was an addendum to the Gold/Pray 1983 paper. The purpose of this paper is to show that some of the problems I identified still remain in spite of the GMS authors belief that they had satisfactorily dismissed the issues I originally discussed.

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Copyright (c) 2019 Ken Goosen

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