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This paper attempts to provide empirical evidence of the positive definiteness of the mean income effect matrix, a sufficient condition for market demand to satisfy the 'law of demand' derived by Härdle, Hildenbrand and Jerison [HHJ(1991)]. Increasing heterogeneity in spending of populations of...
Persistent link: https://www.econbiz.de/10010317688
This paper empirically tests the validity of using only mean income as a representative variable for the whole population in the aggregate consumption relation and of assuming time-invariance of the coefficients in this relation, as done in macromodels. We use a statistical distributional...
Persistent link: https://www.econbiz.de/10010263071
This paper attempts to provide empirical evidence of the positive definiteness of the mean income effect matrix, a sufficient condition for market demand to satisfy the {\it law of demand} derived by H\"{a}rdle, Hildenbrand and Jerison [HHJ(1991)]. Increasing heterogeneity in spending of...
Persistent link: https://www.econbiz.de/10004989634
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This paper attempts to provide empirical evidence of the positive definiteness of the mean income effect matrix, a sufficient condition for market demand to satisfy the law of demand derived by Härdle, Hildenbrand and Jerison [HHJ(1991)]. Increasing heterogeneity in spending of populations of...
Persistent link: https://www.econbiz.de/10011540065
Persistent link: https://www.econbiz.de/10001828691