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The authors consider an economy with pure factors of production, private ownership of endowments, and constant returns to scale in production. Typically in such an economy, the weak axiom of revealed preference for market demand does not hold. The main reason for this is that the income...
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The note shows that the following features of a consumption sector tends to enforce the "Law of Demand": The statistical Engelcurves "bend slowly" and there is sufficiently "dispersion" in the distribution of income.
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Cross section consumer expenditure data are frequently used to make conclusions about consumer demand behavior. Such conclusions, however, can only be justified under certain assumptions, which are often left unstated in the empirical demand literature. An assumption of this type, the metonymy...
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It is shown how one can effectively use cross-section data in modelling the change over time in aggregate consumption expenditure of a heterogeneous population. The starting point of our aggregation analysis is a dynamic behavioral relation on the household level. Based on certain hypotheses on...
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