The Econometric SocietyEdited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262
Econometrica: Mar, 1978, Volume 46, Issue 2
https://doi.org/0012-9682(197803)46:2<345:EODSGB>2.0.CO;2-U
p. 345-363
Charles Blackorby, R. Robert Russell, Richard Boyce
Many demand system specifications employed in empirical studies are generated by utility functions which belong to the class that is characterized in the dual by what we call the "Gorman polar form." This class has the attractive property that membership is equivalent to the satisfaction of necessary and sufficient conditions for aggregation across consumers. We characterize the class of (direct) preference orderings that is dual to the Gorman polar form; this class includes, as special cases, homotheticity, affine homotheticity, and homotheticity to minus infinity. We also specify and estimate a member of this class which generalizes previously estimated specifications of Gorman polar forms.Finally, employing a likelihood ratio test, we reject the hypothesis that preferences are described by the S-branch utility tree (or, of course, any of its special cases) and concomitantly reject the hypothesis of affine homotheticity of preferences.
March 5, 2024
The terms of the Editors of the Econometric Society's three journals end June 30, 2025. We are pleased to announce the incoming Editors and to thank the outgoing Editors for their excellent and continuing service.
Econometrica: Since 2019, Guido Imbens has served as the 14th Editor of Econometrica. On July 1, 2025, Marina Halac will become the Editor.
Quantitative Economics: Stéphane Bonhomme has been the Editor of Quantitative Economics since 2021. His successor will be Bernard Salanié.
Theoretical Economics: The Editor of Theoretical Economics since 2021 has been Simon Board. Taking over for him in July 2025 will be Federico Echenique.
Guido, Stéphane, and Simon have been outstanding Editors. We are grateful to them for the work they have done and will continue to do, and we look forward to further congratulating them next year. We believe Marina, Bernard, and Federico will be outstanding successors and we thank them in advance for their service.
Finally, we are grateful to Larry Samuelson for chairing all three search committees, and we thank the search committee members for their hard and fruitful work:
Econometrica: Christian Dustmann, Lars Hansen, Alessandro Lizzeri, George Mailath, Ariel Pakes, Helene Rey, and Elie Tamer.
QE: Kate Ho, Michael Keane, Felix Kubler, Whitney Newey, and Frank Schorfheide.
TE: Jeff Ely, Johannes Horner, Gilat Levy, Meg Meyer, and Ran Spiegler.
