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Sato's insight on the relationship between the Frisch 'parameter' and the average elasticity of substitution

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  • Powell, Alan A.

Abstract

This short note demonstrates that Sato's 1972 insight concerning the equivalence between Frisch's 'money flexibility' parameter and the average elasticity of substitution among commodities needs to be modified if it is to be applied to non-homothetic utility functions. Fortunately the modification is easily implemented.

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File URL: http://www.sciencedirect.com/science/article/B6V84-45D0N5N-3V/2/745813bf781e4c92ba570068ac35eb7e
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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 40 (1992)
Issue (Month): 2 (October)
Pages: 173-175

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Handle: RePEc:eee:ecolet:v:40:y:1992:i:2:p:173-175

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Web page: http://www.elsevier.com/locate/ecolet

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  1. Sato, Kazuo, 1972. "Additive Utility Functions with Double-Log Consumer Demand Functions," Journal of Political Economy, University of Chicago Press, vol. 80(1), pages 102-24, Jan.-Feb..
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Cited by:
  1. Clements, Kenneth W., 2008. "Price elasticities of demand are minus one-half," Economics Letters, Elsevier, vol. 99(3), pages 490-493, June.
  2. Alan A. Powell & Keith R. McLaren & K.R. Pearson & Maureen Rimmer, 2002. "Cobb-Douglas Utility - Eventually!," Monash Econometrics and Business Statistics Working Papers 12/02, Monash University, Department of Econometrics and Business Statistics.

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