Addessi, William (2014) Preference shifts and the change of consumption composition. Economics letters, Vol. 125 (1), p. 14-17. ISSN 0165-1765. eISSN 1873-7374. Article.
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While most of the literature explaining the change in consumption composition has focused on the role of relative prices and non-homothetic preferences, this paper examines the importance of preference shifts. I introduce dynamics in preferences and find that they play a relevant role and that their exclusion worsens model performance at least as much as the exclusion of allowing non-homothetic preferences.
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