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Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
cemmap working paper No. CWP23/15
Verlag: 
Centre for Microdata Methods and Practice (cemmap), London
Zusammenfassung: 
Random utility models are widely used to study consumer choice. The vast majority of applications make strong assumptions about the marginal utility of income, which restricts income effects, demand curvature and pass-through. We show that flexibly modeling income effects can be important, particularly if one is interested in the distributional effects of a policy change, even in a market in which, a priori, the expectation is that income effects will play a limited role. We allow for much more flexible forms of income effects than is common and we illustrate the implications by simulating the introduction of an excise tax.
Schlagwörter: 
income effects
compensating variation
demand estimation
oligopoly
pass-through
JEL: 
L13
H20
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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