Price elasticities of demand are minus one-half
Kenneth Clements ()
Economics Letters, 2008, vol. 99, issue 3, 490-493
As an empirical regularity for broad groups, price elasticities of demand are scattered around minus one-half, a result not inconsistent with preference independence. When nothing is known about the price-sensitivity of a good, a reasonable first approximation to its price elasticity is minus one-half.
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Working Paper: Price Elasticities of Demand Are Minus One-half (2006)
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