SUFFICIENT CONDITIONS FOR NEGATIVE EXPONENTIAL DENSITIES A FURTHER ANALYSIS
指出Brueckner提出的负指数密度充分条件(补偿住房需求的价格弹性为1)意味着收入弹性为零,并推导了对应的效用函数,认为负指数函数形式的实证依据较弱。
ABSTRACT Brueckner correctly pointed out that one of the sufficient conditions for negative exponential densities is a unitary price elasticity of the compensated, not the uncompensated, demand for housing. This note shows that the Brueckner condition implies a zero income elasticity of housing demand when income and price elasticities are constrained to be constants. It also derives the utility function that gives rise to negative exponential densities in this case, given that other standard assumptions are satisfied. In light of empirical evidence, justification for the popular negative exponential functional form seems rather weak.