NDLI: A Note on Allen’s Arc Elasticity with Arithmetic, Geometric and Harmonic Means

Content Provider	Springer Nature Link
Author	Yang, Chin W. Loviscek, Anthony L. Cheng, Hui Wen Hung, Ken
Copyright Year	2012
Abstract	Discussion and debate on the application of Allen’s arc elasticity has continued into the 21st century. This note demonstrates three points. First, perceived differences between Allen’s geometric mean elasticity and a constant demand elasticity based on an assumed isoelastic demand curve are negligible for small changes in price and quantity, which comprise the vast majority of such changes. Second, in some cases of rapid security or commodity price movements, the harmonic mean may provide the most accurate elasticity estimates across measures of central tendency. Third, because the arithmetic and harmonic means serve as bounds for the geometric mean, an elasticity based on the geometric mean may be considered a prudent choice among these three on this basis alone.
Starting Page	161
Ending Page	171
Page Count	11
File Format	PDF
ISSN	01974254
Journal	Atlantic Economic Journal
Volume Number	40
Issue Number	2
e-ISSN	15739678
Language	English
Publisher	Springer US
Publisher Date	2012-03-25
Publisher Place	Boston
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Demand elasticity Allen’s geometric mean arc elasticity Arithmetic mean arc elasticity Harmonic mean arc elasticity Public Finance & Economics Economics general Microeconomics Macroeconomics/Monetary Economics International Economics
Content Type	Text
Resource Type	Article
Subject	Economics, Econometrics and Finance

Sl.	Authority	Responsibilities	Communication Details
1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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