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Incorporating Minimum Subsistence Consumption into International Comparisons of Real Income

Ackland, Robert

Description

Cross-country demand data are often consistent with the existence of a representative consumer with homothetic preferences. While homotheticity allows the construction of tight bounds to quantity indexes and their variance, it contradicts the biological reality that humans require minimum consumption of food, clothing, and shelter. This paper presents an approach for nonparametrically estimating bounds to utility from above-subsistence consumption. OECD data are used to show that homotheticity...[Show more]

CollectionsANU Research Publications
Date published: 2008
Type: Journal article
URI: http://hdl.handle.net/1885/54986
Source: Review of Economics and Statistics
DOI: 10.1162/rest.90.4.702

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