Cross Sectional Expenditure System Estimation Using a Varying Second Stage Utility Function (Classic Reprint) - Softcover

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Excerpt from Cross Sectional Expenditure System Estimation Using a Varying Second Stage Utility Function

Assume that a fairly homogeneous group of consumers each employs a utility tree, that is, a two-stage utility maximization procedure, to allocate their expenditures. It is plausible that in the first stage, these consumers each employ similar schemes to allo cate income to aggregate commodities. In the second stage, it is unlikely that any two consumers would purchase the exact same market basket of goods.

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