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Beyond CES: Three Alternative Classes of Flexible Homothetic Demand Systems
2017
Social Science Research Network
We characterize three classes of demand systems, all of which are defined non-parametrically: homothetic demand systems with a single aggregator (HSA), those with direct implicit additivity (HDIA), and those with indirect implicit additivity (HIIA). In HSA, all the cross-price effects are captured by one price aggregator, while in HDIA and in HIIA, they are captured by two price aggregators. Each of these three classes contains CES as a special case. Yet, they are pairwise disjoint with the
doi:10.2139/ssrn.3015279
fatcat:pfbozo2oajactftn5dmmnjv4ay