By Louis Philips, Lester D. Taylor (auth.), Louis Phlips, Lester D. Taylor (eds.)
During this testomony to the celebrated profession of H.S. Houthakker a couple of Professor Houthakker's neighbors, former colleagues and previous scholars supply essays which construct upon and expand his many contributions to economics in aggregation, intake, development and alternate. one of the exclusive members are Paul Samuelson, Werner Hildenbrand, John Muellbauer and Lester Telser. The publication additionally comprises 4 formerly unpublished papers and notes by way of its distinctive dedicatee.
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Extra info for Aggregation, Consumption and Trade: Essays in Honor of H.S. Houthakker
Hildenbrand, W. (1983), "On the 'Law of Demand,'" Econometrica, Vol. 51, pp. 997 - 1019. Hildenbrand, W. (1989), "Facts and Ideas in Microeconomic Theory," European Economic Review, Vol. 33, pp. 251 - 276. Hildenbrand, K. and W. K. Family Expenditure Survey," in Hildenbrand W. and' A. ), Contributions to Mathematical Economics, in Honor 0/ Gerard Debreu, North-Holland, Amsterdam, pp. 247 - 268. Hildenbrand, W. (1991), "Two Essays on Market Demand" (forthcoming). S. (1953), "La Forme des Courbes d'Engel," Cahiers du seminaire d'Econometrie, Vol.
6) Clearly, ajjw j is the elasticity of u j or MRS jj with respect to qj. Note that it is negative. A low (negative) value of ajjw j means that the (relative) desirability of qj is not easily reduced by more of qj' Newly available means will be used for the purchase of good i, rather 28 than that of another good with a higher elasticity. The budget share Wi will not easily diminish. 5) as the expression for the (relative) willingness to pay for qi' For low aiiw i this willingness goes down only very slowly as qi increases.
Let a i be the positive square root of -aii and be the diagonal matrix with the a i on the diagonal. 2) r with ei being an n-vector with all elements equal to zero except the i-th one, which is one. 3) = (e 1e; +e 2e: +c (e 1e: +e 2e;)) H - _c_ a-I fe 1e; +e 2e: +c (e1e: +e 2e;) Ja- 1 l-c 2 ~ -;\-1 = G. 4) A similar result holds for g22' The own price sensitivity has indeed increased because 1/(l-c2) > l. Note, however, that this is true independently of the sign of c. It is not just a matter of being able to use more of a substitute.
Aggregation, Consumption and Trade: Essays in Honor of H.S. Houthakker by Louis Philips, Lester D. Taylor (auth.), Louis Phlips, Lester D. Taylor (eds.)