By Prof. Michael R. Baye, Prof. Dan A. Black (auth.)

ISBN-10: 3540167978

ISBN-13: 9783540167976

ISBN-10: 3642465870

ISBN-13: 9783642465871

This fabric relies upon paintings supported via the nationwide technology beginning lower than provide #SES-8410190. Any critiques, findings, and conclusions or innovations expressed during this booklet are these of the authors and don't necessari~y mirror the perspectives of the nationwide technological know-how origin. This aid used to be an important to the of entirety of this venture, and we're thankful for it. As is generally the case while doing educational study, we're additionally indebted to a couple of members. Robert Gillingham, John Greenlees, Jack Triplett, and Paul Harte-Chen freely gave in their time to percentage their principles relating income-based rate of dwelling indices. Seminar contributors on the BLS, the college of Karlsruhe, and Tilburg college supplied insightful reviews on initial parts of the manuscript. invoice Stober supplied encouragement, and Desmond Lo and Albert Tsui learn components of the manuscript. We owe a different due to Bert recoil for supplying designated handwritten reviews on a initial draft. Evelyn Buchanan and Audrey Abel did a great activity of typing and retyping a variety of drafts of the manuscript. eventually, a truly hot due to our better halves, for enduring. CONTENTS web page PREFACE half I.

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Extra info for Consumer Behavior, Cost of Living Measures, and the Income Tax

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O. Proof: We shall first establish the "if" part of the Proposition. Suppose preferences are homothetic. X Ig(X) .?. F-I(u)} Min { F-1 (u)P' X F-1(u) Min {p • z ( X F- 1 (u) z ) Ig( X ) > I} F-1 (u) Ig(Z) > l} [where Z - X F-I(u) 1 F-l(u) w(P) - feu) w(P) as required. 1 (cf. :. e(P,u) for every P> 0 }. ) • Define u*;: f (u), so that U* (X);: f (U(X}) Max {u*/ p·X ~ u*1/i(P} for every P> 0 }. u* Hence for A> 0, U* (AX) ;: f (U(AX}) Max {u* / p. (AX) > u*1/J (P) for every P> O} u* Max {AU*/A / p·X > (U*/A) I/J (P) and P> O} U*/A W*(X}.

1 ensures that a solution to the consumer's problem exists. The solution value depends on the level of prices and full income, and is termed the indirect utility function because, at the optimum, utility indirectly depends on prices and income. 4: The indirect utility function, denoted V(P, F), is defined as V(P, F) - M~X {U(X) I p. X < F}. 2: (a) (b) The following identities hold: av av -- = ap. ap. 1 1 av apo av apo -- = I I (c) av ay - av aF (d) av ao - av P aF 0 for i = 1, 2, ... 2, result (b) demonstrates two competing effects of an increase in the wage rate (price of leisure).

Once again, the presence of a progressive income tax alters a fundamental neoclassical result: a doubling of all prices more than doubles the full income necessary to obtain a given utility. This is because the increase in the price level increases not only the required expenditures on goods and leisure, but in the presence of progressive income tax, it also increases the real tax bill. 5: The nonlabor (or nonwage) income compensation function, denoted y(P, Ui T), is defined as y(P, u; T) ;: II (P, Ui T) - 0 PO.

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Consumer Behavior, Cost of Living Measures, and the Income Tax by Prof. Michael R. Baye, Prof. Dan A. Black (auth.)


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