By Louis Philips, Lester D. Taylor (auth.), Louis Phlips, Lester D. Taylor (eds.)
During this testomony to the prestigious profession of H.S. Houthakker a couple of Professor Houthakker's pals, former colleagues and previous scholars supply essays which construct upon and expand his many contributions to economics in aggregation, intake, development and exchange. one of the individual individuals are Paul Samuelson, Werner Hildenbrand, John Muellbauer and Lester Telser. The publication additionally contains 4 formerly unpublished papers and notes through its unusual dedicatee.
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Additional info for Aggregation, Consumption and Trade: Essays in Honor of H.S. Houthakker
Hildenbrand (1986). The non-parametric estimations of the matrix which have been carried out so far at the SFB 303 in Bonn, using the UK Family Expenditure Survey for the years 1969-83, show that the estimated matrices are "approximately" positive definite. More precisely, the matrix A is typically ill-conditioned; some eigenvalues (of the symmetrized matrix) are very small in magnitude (positive or negative); however, the larger eigenvalues are always positive. In this paper, we want to give a theoretical argument that makes this empirical finding possible.
Gl1 din PI -II2 h11 (dIn). + din PI) - -cI2 V(h11 . h 22 ) din ).. -c -c The first term shows a sharper decrease in the demand for good 1 for an increase in its price, assuming that din). does not change too much. However, since the second term has an effect of the same sign as c, substitution (c < 0) will work the opposite way. There is a difference in the own price effect depending on the sign of c, but not one in the specific own price effect. In conclusion, one may say that substitution increases own price sensitivity, sometimes substantially.
Allowing for interaction removes the approximate proportionality between income and price effects. Substitution increases price sensitivity. The effect of complementarity consists of two components of opposite sign, so an a priori conclusion is not possible. Complementarity increases the income sensitivity. The effect of substitution can turn a positive effect of income into a negative one. In general, however, the consequences of substitution on income effects are not a priori unambiguous. The income effects depend just as much on the own nature of the good as on its interactions with other goods.
Aggregation, Consumption and Trade: Essays in Honor of H.S. Houthakker by Louis Philips, Lester D. Taylor (auth.), Louis Phlips, Lester D. Taylor (eds.)