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Canonical demand studies and fiscal policy simulations rest on the assumption that consumers react symmetrically to price increases and decreases. We propose a theoretically consistent demand system which allows for asymmetric response by incorporating reference prices into both own- and cross-prices. Applying the system to a large and detailed home-scan household-level data-set with food prices and purchases from Great Britain, we show evidence on asymmetric consumer response and loss aversion, with a stronger response when prices rise above their reference level. Results are robust to changes in the price definition and model speci�cation, and a simulation shows that ignoring asymmetry may lead to important biases.

Pertenece a

AMS Acta  


Cornelsen, Laura -  Mazzocchi, Mario -  Smith, Richard - 

Id.: 71152656

Idioma: inglés  - 

Versión: 1.0

Estado: Final

Tipo:  text - 

Palabras claveSECS -  S/03 Statistica economica - 

Tipo de recurso: Monografia  -  NonPeerReviewed  - 

Tipo de Interactividad: Expositivo

Nivel de Interactividad: muy bajo

Audiencia: Estudiante  -  Profesor  -  Autor  - 

Estructura: Atomic

Coste: no

Copyright: sí

: cc_by_nc_nd

Formatos:  text - 

Requerimientos técnicos:  Browser: Any - 

Relación: [References] http://amsacta.unibo.it/5821/
[References] 10.6092/unibo/amsacta/5821

Fecha de contribución: 29-mar-2018


* Cornelsen, Laura ; Mazzocchi, Mario ; Smith, Richard (2018) Between preferences and references: Evidence from Great Britain on asymmetric price elasticities. Bologna, IT: Dipartimento di Scienze Statistiche "Paolo Fortunati", Alma Mater Studiorum Università di Bologna, p. 34. DOI 10.6092/unibo/amsacta/5821 . In: Quaderni di Dipartimento. Serie Ricerche (2018). ISSN 1973-9346.

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