Aggregate Consumers' Expenditure and Income
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Inferior Goods, Giffen Goods, and Shochu
According to a well-known result by W. Hildenbrand [6], if all consumers possess the same demand function and the density of the expenditure distribution is decreasing, than the average income effect term is non-negative even if inferior goods are present, so that the aggregate demand must be monotone. We show that if the expenditure density is uni-modal and a certain relation between the incom...
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تاریخ انتشار 1995