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Income Elasticities at different price vectors |
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| Institution: | 1. Department of Management, Macquarie Business School, Macquarie University, Sydney, New South Wales, Australia;2. Social Policy Research Centre, The University of New South Wales, Sydney, New South Wales, Australia;3. School of Business, The University of New South Wales, Canberra, Australian Capital Territory, Australia;4. Department of Economics, Monash Business School, Monash University, Melbourne, Victoria, Australia |
| Abstract: | Cross-country data are used to evaluate the income elasticities of the demand for ten broad groups of goods at two different price vectors: the observed prices of separate countries and the geometric means of these prices across all countries. The major effect is on the income elasticity of the demand for food; using observed rather than geometric mean prices results in lower elasticity values for the more affluent countries. |
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