Aggregation and Closed-Form Results for Nonhomothetic CES Preferences

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Tác giả: Clement E Bohr, Martí Mestieri, Emre Enes Yavuz

Ngôn ngữ: eng

Ký hiệu phân loại: 517.22 [Unassigned]

Thông tin xuất bản: 2023

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Bộ sưu tập: Metadata

ID: 198407

We provide four novel results for nonhomothetic Constant Elasticity of Substitution preferences (Hanoch, 1975). First, we derive a closed-form representation of the expenditure function of nonhomothetic CES under relatively flexible distributional assumptions of demand and price distribution parameters. Second, we characterize aggregate demand from heterogeneous households in closed-form, assuming that household total expenditures follow an empirically plausible distribution. Third, we leverage these results to study the Euler equation arising from standard intertemporal consumption-saving problems featuring within-period nonhomothetic CES preferences. Finally, we show that nonhomothetic CES expenditure shares arise as the solution of a discrete-choice logit problem.
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