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Price elasticities of demand are minus one-half

Kenneth Clements ()

Economics Letters, 2008, vol. 99, issue 3, 490-493

Abstract: 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.

Date: 2008
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Working Paper: Price Elasticities of Demand Are Minus One-half (2006) Downloads
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Handle: RePEc:eee:ecolet:v:99:y:2008:i:3:p:490-493