Metonymy and Cross Section Demand
Cross 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.
|Date of creation:||Nov 1995|
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References listed on IDEAS
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- Hildenbrand, Werner, 1983. "On the "Law of Demand."," Econometrica, Econometric Society, vol. 51(4), pages 997-1019, July.
- HARDLE, Wolfgang & HILDENBRAND, Werner & JERISON, Michael, "undated".
"Empirical evidence on the law of demand,"
CORE Discussion Papers RP
968, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Haerdle,W. Hildenbrand,W. Jerison,M., 1988. "Empirical evidence on the law of demand," Discussion Paper Serie A 193, University of Bonn, Germany.
- Wolfgang Härdle & Werner Hildenbrand & Michael Jerison, 1989. "Empirical Evidence on the Law of Demand," Discussion Paper Serie A 264a, University of Bonn, Germany.
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