A Further Look at Flexibilities and Elasticities
1994
Huang, Kuo S.
Relationships between price elasticities and price flexibilities are examined, with emphasis on comparing sizes of difference between a directly estimated demand matrix and an inverted demand matrix. Results show that by using inverted elasticities to represent flexibilities or vice versa, sizable measurement errors may be committed. In agricultural policy and program analysis, a directly estimated demand matrix should be used.
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