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Engel's Law expresses a negative stochastic association of the bivariate distribution of income and food share across a population. Among the many different definitions which can be found in the statistical literature four concepts are discussed and tested: Kendall's τ, quadrant dependence,...
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In a major work that is the culmination of over a decade of intensive research, Werner Hildenbrand presents a new theory of market demand, the principal aim of which is to identify the conditions under which the Law of Demand holds true. Hildenbrand argues that the Law of Demand is due mainly to...
Persistent link: https://www.econbiz.de/10014488610
Can every allocation in the core of an economy be decentralized by a suitably chosen price system? Werner Hildenbrand shows that the answer is yes if the economy has "many" participating agents and if the influence of every individual agent on collective actions is "negligible." To give a...
Persistent link: https://www.econbiz.de/10014481761
Purpose: World over, change of base year in the gross domestic product (GDP) is a standard practice of GDP estimation. However, unless a consistent series of GDP is released with respect to the new base for the earlier period, the existence of multiple growth rates creates problems for applied...
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This paper proposes tests for intercept homogeneity in stationary dynamic panel framework which are robust to cross-sectional dependence. We then argue that these tests can be used as a test for absolute convergence assuming that conditional convergence holds. The proposed tests are shown to...
Persistent link: https://www.econbiz.de/10011078550
In this article, we examine the issue of high dropout rates in India which has adverse implications for human capital formation and hence for the country's long-term growth potential. Using the 2004--2005 National Sample Survey (NSS) employment--unemployment data, we estimate transition...
Persistent link: https://www.econbiz.de/10010548812
Few researchers have examined the nature and determinants of earnings differentials among religious groups, and none has been undertaken in the context of conflict-prone multi-religious societies like the one in India. We address this lacuna in the literature by examining the differences in the...
Persistent link: https://www.econbiz.de/10005326310