Some Welfare Econometrics of Empirical Demand Analysis
نویسنده
چکیده
I won’t say much about point (1.) at this stage, we will talk more about it on the day we discuss the results of the problem set. I might only say that the US is rather unusual in having quite low taxes on gasoline and therefore has quite low gasoline prices and relatively high per-capita gasoline demand. See the chart reproduced from the Economist. We have several basic formulations of the theory of demand which are interrelated. Consider first the most natural empirical formulation, the Marshallian demand function,
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