The independence transformation of specific substitutes and specific complements |
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Authors: | Peter E Rossi |
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Institution: | University of Chicago, Chicago, IL 60638, USA |
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Abstract: | When all n observed goods are specific substitutes (complements) in Houthakker's (1960) sense, the independence transformation yields one transformed good in which all observed goods are positively represented, viz., the transformed good with the smallest (largest) income elasticity. The n – 1 other transformed goods are all contrasts between observed goods. |
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