By E Anthony Selvanathan, Saroja Selvanathan
This ebook offers an research of intake styles in the OECD (rich) and LDC (poor) nations utilizing fresh information (1950вЂ“1998) and econometric technique for a few extensively aggregated customer items. The source of revenue elasticity estimates for the forty six international locations and nine commodity teams are tabulated. The reliability of those elasticity estimates, and in addition the call for conception hypotheses, are investigated utilizing simulation concepts.
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Additional info for International consumption comparisons: OECD versus LDC
The consumer's maximization problem implies two testable constraints on the demand equations. The first constraint on the demand equations is demand homogeneity, which states that if income and prices all increase proportionally, then the quantity demanded of each good will remain unchanged. ,pn). ,n.
61 19. 74 Chinese, Taiwanese 20. 12 Buddhist, Islam 21. 54 22. 58 Christian, Anirrist 23. gotJa^fxMi&tians/fdctixxi^ and US Bureau of the Census, International Database. 2 Economic characteristics of the OECD and LD countries (1) OECD Countries 1. Australia 2. Austria 3. Belgium 4. Canada 5. Denmark 6. Finland 7. France 8. Germany 9. Greece 10. Iceland 11. Ireland 12. ItaJy 13. Japan 14. Luxembourg 15. Netherlands 16. New Zealand 17. Norway 18. Portugal 19. Spain 20. Sweden 21. Switzerland 22. UK 23.
The model is estimated for each country independently of the others. 5. 8, on average, food and housing are necessities (r|jc < 1), clothing is a borderline case while the remaining five goods are luxuries (r|iC > 1). Notwithstanding its popularity, LES has its drawbacks. Perhaps the most important is the parameterization whereby the marginal shares are treated as constants. 1) that the constancy of the marginal share implies that the income elasticity is inversely proportional to the corresponding budget share.