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- W1758727038 abstract "Demand theory predicts that consumers do not suffer from money illusion and that the substitution effects are symmetric. These represent testable hypotheses known as demand homogeneity and Slutsky symmetry. In a review article on systems of consumer demand functions, Barten (1977) summarizes the results from various empirical applications which test the validity of these restrictions. These results show that homogeneity and symmetry are generally not acceptable. Barten suggests that one reason for these negative results is that since the test procedures are usually based on the asymptotic distribution of the test statistic without any adjustment for small-sample effects, they are biased towards rejection of the null hypothesis." @default.
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- W1758727038 date "1993-01-01" @default.
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- W1758727038 title "Do OECD Consumers Obey Demand Theory?" @default.
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- W1758727038 doi "https://doi.org/10.1007/978-94-011-1968-9_3" @default.
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