{"title":"非同质CES偏好的聚合和封闭形式结果","authors":"Clement E. Bohr, Martí Mestieri, Emre Enes Yavuz","doi":"arxiv-2311.06740","DOIUrl":null,"url":null,"abstract":"We provide four novel results for nonhomothetic Constant Elasticity of\nSubstitution preferences (Hanoch, 1975). First, we derive a closed-form\nrepresentation of the expenditure function of nonhomothetic CES under\nrelatively flexible distributional assumptions of demand and price distribution\nparameters. Second, we characterize aggregate demand from heterogeneous\nhouseholds in closed-form, assuming that household total expenditures follow an\nempirically plausible distribution. Third, we leverage these results to study\nthe Euler equation arising from standard intertemporal consumption-saving\nproblems featuring within-period nonhomothetic CES preferences. Finally, we\nshow that nonhomothetic CES expenditure shares arise as the solution of a\ndiscrete-choice logit problem.","PeriodicalId":501487,"journal":{"name":"arXiv - QuantFin - Economics","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2023-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Aggregation and Closed-Form Results for Nonhomothetic CES Preferences\",\"authors\":\"Clement E. Bohr, Martí Mestieri, Emre Enes Yavuz\",\"doi\":\"arxiv-2311.06740\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We provide four novel results for nonhomothetic Constant Elasticity of\\nSubstitution preferences (Hanoch, 1975). First, we derive a closed-form\\nrepresentation of the expenditure function of nonhomothetic CES under\\nrelatively flexible distributional assumptions of demand and price distribution\\nparameters. Second, we characterize aggregate demand from heterogeneous\\nhouseholds in closed-form, assuming that household total expenditures follow an\\nempirically plausible distribution. Third, we leverage these results to study\\nthe Euler equation arising from standard intertemporal consumption-saving\\nproblems featuring within-period nonhomothetic CES preferences. Finally, we\\nshow that nonhomothetic CES expenditure shares arise as the solution of a\\ndiscrete-choice logit problem.\",\"PeriodicalId\":501487,\"journal\":{\"name\":\"arXiv - QuantFin - Economics\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2023-11-12\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"arXiv - QuantFin - Economics\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/arxiv-2311.06740\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"arXiv - QuantFin - Economics","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/arxiv-2311.06740","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Aggregation and Closed-Form Results for Nonhomothetic CES Preferences
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.