As there is a plethora of demand models, which one should be used to estimate income and price elasticities? The paper sheds light on this important practical problem by developing a matrix approach to simulating (MAS) demand equations to analyse their performance under idealized circumstances....

Accurate and timely measures of cross-country real incomes are still a rarity. As the share of expenditure devoted to food is readily available, we use of Engel's law in reciprocal form to measure affluence. Analysis of real income data for the OECD countries indicates that this approach is...

Accurate and timely measures of cross-country real incomes are still a rarity. As the share of expenditure devoted to food is readily available, we use Engel's law in reciprocal form to measure affluence. Analysis of real income data for over 100 countries indicates that this approach is viable....