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- W1968372186 abstract "The assumption of homothetically separable utility (HSU) has been widely used in many recent studies of consumer demand. Atkinson (1979,1981), Caves and Christensen (1980), and Lau and Lillard (1979) maintain rather than test HSU in estimating price elasticities for electricity time-of-use pricing experiments, because of the nature of the data collected. Maintaining HSU when it cannot be supported by the structure of consumer preferences may lead to substantial biases in estimated elasticities. However, Kohler purports to show systematic biases for price elasticities estimated in an HSU system, even when it is correctly imposed, if estimation is carried out using a system of expenditure share equations. The purpose of this discussion is first to show that Kohler's proposition regarding HSU is incorrect, and then to derive the correct implications for elasticities computed from share equations under HSU. In Section 2 of this discussion, I show that Kohler's analytical conclusion that HSU guarantees biased price elasticities is erroneous. In Section 3, I examine Kohler's Monte Carlo results, showing that they are nonrobust and incorrectly characterize an HSU demand system. I then present the correctly specified Monte Carlo experiment, which raises some problems regarding Type I error in share equation estimation. The potential bias derives not from estimation of an HSU system, but rather from estimation of a system of expenditure share equations, where prices appear on both sides of the equation." @default.
- W1968372186 created "2016-06-24" @default.
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- W1968372186 date "1983-07-01" @default.
- W1968372186 modified "2023-10-18" @default.
- W1968372186 title "Discussion: The Implications of Homothetic Separability for Share Equation Price Elasticities" @default.
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- W1968372186 doi "https://doi.org/10.1080/07350015.1983.10509341" @default.
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