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to explain this phenomenon. One theory claims that individuals hold different preferences in their consumer role than in … accepted theory assumes that individuals' most favored preference is to free ride whenever possible. Thus, a Prisoner's Dilemma … and other explanations, as well as their normative implications, and proposes an alternative theory. It rejects the claim …
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We assess the empirical importance of income and price effects for structural transformation in the postwar US. We explain two natural approaches to the data: sectors may be categories of final expenditure or value added; e.g., the service sector may be the final expenditure on services or the value...
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We ask what specification of preferences can account for the changes in the expenditure shares of broad sectors that are associated with the process of structural transformation in the U.S. since 1947. Following the tradition of the expenditure systems literature, we first calibrate utility...
Persistent link: https://www.econbiz.de/10012463233
We ask what specification of preferences can account for the changes in the expenditure shares of broad sectors that are associated with the process of structural transformation in the U.S. since 1947. Following the tradition of the expenditure systems literature, we first calibrate utility...
Persistent link: https://www.econbiz.de/10013150554
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