This paper shows that the quadratic shape of the Engel curve for alcohol is induced by preference heterogeneity between drinkers and abstainers in a Japanese data set. With controlling the ...

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. From Prof Ivan Png. Sir, John Authers (“Chance to take the guesswork out of investing in China”, December 2) ...

Journal of Political Economy, Vol. 81, No. 3 (May - Jun., 1973), pp. 655-677 (23 pages) When a new durable is introduced, the fraction of owners in the population increases. A growth curve is observed ...

1. An indifference curve is defined as a set of bundles that a consumer with a given income can afford, and among which she or he is indifferent. 2. More is preferred to less means that if the total ...