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Significant departures from log normality are observed in income data, in violation of Gibrat’s law. We identify a new empirical regularity, which is that the distribution of consumption expenditures across households is, within cohorts, closer to log normal than the distribution of income. We...
Persistent link: https://www.econbiz.de/10010292940
Persistent link: https://www.econbiz.de/10005727564
<p>Significant departures from log normality are observed in income data, in violation of Gibrat's law. We identify a new empirical regularity, which is that the distribution of consumption expenditures across households is, within cohorts, closer to log normal than the distribution of income. We...</p>
Persistent link: https://www.econbiz.de/10005811385
Both direct utility function and Frisch cost function representations of demand system rank are derived. The results are used to construct a revealed preference (GARP) type test of rank. They are also used to derive results involving block separability, additive separability, and the class of...
Persistent link: https://www.econbiz.de/10005509517
The Hicks-Leontief composite commodity theorem permits aggregation of sets of goods that have identical price movements into composite groups of goods, each of which can be treated like a single good for demand analysis. Here Hicks-Leontief is generalized by permitting composite commodities to...
Persistent link: https://www.econbiz.de/10005227021