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Keith, Head ; Thierry, Mayer ; Keith, Head ; thierry, mayer. (2015) Brands in Motion: How frictions shape multinational production.
In: Working Papers. RePEc:cii:cepidt:2015-26.
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Expected sales of any model are proportional to the aggregate size of the market expressed in volumes, regardless of u(). Relatedly, income does not affect the choice between models but, depending on the form of u(), the consumption of cars can have any income expansion path. For example, under the Cobb-Douglas case, explored by Anderson et al. (1992), the optimal consumption of the chosen car is cmh = (αyh)/pm, for m = m∗ h. Non-homothetic demand will be obtained from all other assumed u(). The quasi-linear case where Uh = P m Èmhcmh α + zh, yields cmh = pm αÈα mh 1/(α−1) . The share of expenditure spent on cars will therefore fall with income. An opposite conclusion can be obtained with Uh = P m Èmhcmh + zα h , which gives the demand for the chosen car model cmh = yh− Èmh αpm 1/(α−1) pm . In this case, car expenditure as a share of income is increasing in income.
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