A generalization of working's model |
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Authors: | Kenneth Laitinen Henri Theil Tejaswi Raparla |
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Affiliation: | Bell Laboratories, Murray Hill, NJ 07974, USA;University of Florida, Gainesville, FL 32611, USA |
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Abstract: | ![]() Working's (1943) model states that budget shares are linear functions of the logarithm of income; it implies constant differences between corresponding marginal and budget shares. A one-parameter generalization is proposed which allows each marginal share to be a linear function of the corresponding budget share. This model can be further extended (with one extra parameter) so that all goods are either specific substitutes or specific complements. |
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