Results show elasticity coefficients of greater than one, implying senior housing market is more of a luxury than a necessity.doi:10.1057/s11369-022-00282-3Daniel G. LindbergCharles SteindelPalgrave Macmillan UKBusiness Economics
One of the two goods is a necessity, so has an income elasticity of demand less than one, while the other has an income elasticity of demand greater than unity so is a luxury. As mentioned, these preferences have the property that if all consumers consumed both goods and the linear ...
G. (2003): Is health care a necessity or a luxury? Pooled estimates of income elasticity from US state-level data, Applied Economics, 35(5): 495-502.Freeman, Donald G. 2003. "Is Health Care a Necessity or a Luxury? Pooled Estimates of Income Elasticity from US State-Level Data." ...