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Luxuries Are Easier to Postpone: A Proof

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  • Martin Browning
  • Thomas F. Crossley

Abstract

We show that (Marshallian) income elasticities are proportional to (Frisch) own price elasticities if all goods are additively separable. This implies that luxuries are likely to be easier to postpone. It also implies that preferences over "consumption" are unlikely to display a constant elasticity of substitution.

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  • Martin Browning & Thomas F. Crossley, 2000. "Luxuries Are Easier to Postpone: A Proof," Journal of Political Economy, University of Chicago Press, vol. 108(5), pages 1022-1026, October.
  • Handle: RePEc:ucp:jpolec:v:108:y:2000:i:5:p:1022-1026
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    File URL: http://dx.doi.org/10.1086/317668
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    1. Deaton, Angus, 1974. "A Reconsideration of the Empirical Implications of Additive Preferences," Economic Journal, Royal Economic Society, vol. 84(334), pages 338-348, June.
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