MONEY ILLUSION, GORMAN AND LAU

Any demand equation satisfying Lau’s (1982) Fundamental Theorem of Exact Aggregation and 0° homogeneity in prices and income will have a Gorman (1981) functional form for each income term. This property does not depend on symmetry or adding up. The implications of this result are illustrated by an extensive example.

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Year of publication:	2011-12
Authors:	Colby, Scott J. ; Graciano, Timothy A. ; LaFrance, Jeffrey T. ; Pope, Rulon D.
Institutions:	Department of Econometrics and Business Statistics, Monash Business School
Subject:	Demand \| exact aggregation \| functional form \| homogeneity

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Extent:	application/pdf
Series:	Monash Economics Working Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 30-11 12 pages
Classification:	C1 - Econometric and Statistical Methods: General ; C5 - Econometric Modeling ; D1 - Household Behavior and Family Economics ; D3 - Distribution ; D6 - Welfare Economics
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10009394012