If one wants to include durables, however, our separability tests reject forming a single aggregate of durable goods.
Abandoned furniture and consumer durables were a sign of the rapid turnover of residents.
Rather, agents derive utility from the service flow derived from the stock of consumer durables.
However, one can argue that the omission of consumer durables may be inappropriate when studying longer-horizon returns.
He also found that people invest in fixed assets and consumer durables in order to reduce their income transfers.
Instead, respondents were asked about the consumer durables owned by the household, such as radio, television, car, bicycle, farming animal and the like.
The next three hypotheses examine the possibility that durables are separable from nondurables and services.
However, nondurables and services are separable from durables, although not vice versa.
