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Sato's Insight on the Relationship between the Frisch 'Parameter' and the Average Elasticity of Substitution

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  • Alan A. Powell

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.monash.edu.au/policy/ftp/workpapr/g-99.pdf
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Bibliographic Info

Paper provided by Monash University, Centre of Policy Studies/IMPACT Centre in its series Centre of Policy Studies/IMPACT Centre Working Papers with number g-99.

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Date of creation: Jan 1992
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Handle: RePEc:cop:wpaper:g-99

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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. 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.
  2. Clements, Kenneth W., 2008. "Price elasticities of demand are minus one-half," Economics Letters, Elsevier, vol. 99(3), pages 490-493, June.

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