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Empirical Evidence on the Law of Demand

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Author Info
Hardle, Wolfgang
Hildenbrand, Werner
Jerison, Michael

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Abstract

For market demand to satisfy the law of demand, it is sufficient that the mean of all households' income effect matrices is positive definite. The authors show how this mean income effect matrix can be estimated from cross section data under metonymy, an assumption about the distribution of household characteristics. The estimation uses the nonparametric method of average derivatives. When the method is applied to U.K. family expenditure data, the estimated mean income effect matrices are positive definite. This can be explained by a special form of heteroskedasticity in the data: households' demands are more dispersed at higher income levels. Copyright 1991 by The Econometric Society.

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Publisher Info
Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 59 (1991)
Issue (Month): 6 (November)
Pages: 1525-49
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Handle: RePEc:ecm:emetrp:v:59:y:1991:i:6:p:1525-49

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  1. Reinhard Sippel, 1995. "An Experiment on the Pure Theory of Consumer's Behaviour," Discussion Paper Serie B 274, University of Bonn, Germany. [Downloadable!]
  2. Chen, Yan, 1992. "The Optimal Choice of Privatizing State-Owned Enterprises: A Political Economic Model," Working Papers 808, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
  3. Wolfgang HÄRDLE & Byeong PARK, . "Testing increasing dispersion," Sonderforschungsbereich 373 1994-2, Humboldt Universitaet Berlin.
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  4. Koebel, Bertrand M. & Falk, Martin & Laisney, Francois, 2000. "Imposing and testing curvature conditions on a Box-Cox function," ZEW Discussion Papers 00-70, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
  5. Hans-Jürgen Salchow, 2005. "Non-existence of equilibria with free elimination," Cahiers de la Maison des Sciences Economiques b05057, Université Panthéon-Sorbonne (Paris 1). [Downloadable!]
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  6. Philippe Mongin, 2005. "On the Confirmation of the Law of Demand," Working Papers hal-00242978_v1, HAL. [Downloadable!]
  7. Koebel, Bertrand & Falk, Martin, 1999. "Curvature conditions and substitution pattern among capital, energy, materials and heterogeneous labour," ZEW Discussion Papers 99-06, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
  8. Igor V. Evstigneev & Werner Hildenbrand & Michael Jerison, 1995. "Metonymy and Cross Section Demand," Discussion Paper Serie A 469, University of Bonn, Germany. [Downloadable!]
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  9. Joel L. Horowitz, 1996. "Bootstrap Methods in Econometrics: Theory and Numerical Performance," Econometrics 9602009, EconWPA, revised 05 Mar 1996. [Downloadable!]
  10. Alan Kirman, 2006. "Heterogeneity in Economics," Journal of Economic Interaction and Coordination, Springer, vol. 1(1), pages 89-117, May. [Downloadable!] (restricted)
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