Metonymy and Cross Section Demand
AbstractCross section consumer expenditure data are frequently used to make conclusions about consumer demand behavior. Such conclusions, however, can only be justified under certain assumptions, which are often left unstated in the empirical demand literature. An assumption of this type, the metonymy hypothesis, was stated rigorously and then exploited by Hardle, Hildenbrand and Jerison when analyzing the monotonicity property of aggregate demand functions. The purpose of the present paper is to examine the metonymy hypothesis in more detail. We prove that the distribution of demand vectors derived from some metonymic one. This implies, in particular, that the metonymy hypothesis cannot be rejected or confirmed on the basis of data from a single cross section.
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Bibliographic InfoPaper provided by University of Bonn, Germany in its series Discussion Paper Serie A with number 469.
Date of creation: Nov 1995
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Cross section demand; Consumer expenditure data; Metonymy hypothesis; Law of Demand;
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- Wolfgang Härdle & Werner Hildenbrand & Michael Jerison, 1989.
"Empirical Evidence on the Law of Demand,"
Discussion Paper Serie A
264a, University of Bonn, Germany.
- Haerdle,W. Hildenbrand,W. Jerison,M., 1988. "Empirical evidence on the law of demand," Discussion Paper Serie A 193, University of Bonn, Germany.
- HARDLE, Wolfgang & HILDENBRAND, Werner & JERISON, Michael, . "Empirical evidence on the law of demand," CORE Discussion Papers RP -968, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Hildenbrand, Werner, 1983. "On the "Law of Demand."," Econometrica, Econometric Society, vol. 51(4), pages 997-1019, July.
- Michael Jerison, 2001. "Demand Dispersion, Metonymy and Ideal Panel Data," Discussion Papers 01-11, University at Albany, SUNY, Department of Economics.
- Michael Jerison & John K.-H. Quah, 2006. "Law of Demand," Discussion Papers 06-07, University at Albany, SUNY, Department of Economics.
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