1. Consumer Demand and Welfare Indexes: A Comparative Study for the United Kingdom and Australia.
- Author
-
van Hoa, Tran
- Subjects
CONSUMER behavior ,CONSUMER price indexes ,CONSUMPTION (Economics) ,INCOME - Abstract
In this paper an attempt is made, first, to study consumer behaviour in the United Kingdom and in Australia for the period 1956-66 by exploiting the concept of want independence [9] or directly additive preferences [4] for a complete model of linear expenditure relations [10]. A welfare indicator and a cost-of-living index are then developed using Frisch's money flexibility linking income and price elasticities and the strongly separable utility function of the Stone-Geary type [3]. Finally, the analysis of covariance is applied to examine the possibility of homogeneous demand patterns between the United Kingdom and Australia. The extent of market homogeneity or heterogeneity will be further analysed in the light of individual commodities grouped in strict accordance with the notion of neutral want association [9]. [ABSTRACT FROM AUTHOR]
- Published
- 1969
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