题目：Non-Homothetic CES Preference with General Parametric Restrictions

摘要：The non-homothetic CES preference with the standard parametric restriction is against the empirical observation of declining sectoral expenditure shares in many economies. This paper introduces a non-homothetic CES preference with a general parametric restriction that is consistent with these empirical patterns. We fully characterize this general non-homothetic CES preference and demonstrate that it preserves all the desirable properties of the standard non-homothetic CES preference. We also show that this preference is not restrictive for conducting empirical and quantitative analysis. We establish that the normalization strategy is unknown prior to estimation, which undermines the identifiability of the implicit Marshallian demand. We develop a method that utilizes Hicksian demand to address this issue. Our findings imply that the general non-homothetic CES preference is flexible in sectoral income elasticities and more capable of matching empirical patterns along the process of structural transformation.

个人简介：王韡，对外经济贸易大学国际经济贸易学院副教授，华盛顿大学经济学博士。主要研究领域是宏观、发展和产业经济学。在Journal of Operations Management，Production and Operations Management，Research Policy，《经济研究》等国内外权威学术期刊发表论文近40篇。主持国家自然科学基金等多项国家级课题。