Deaton muellbauer economics and consumer behavior pdf

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deaton muellbauer economics and consumer behavior pdf

EconPapers: Economics and Consumer Behavior

The demand function for a single commodity explains how changes in income and the prices of all goods affect the quantity consumed of that commodity. The objective of consumption theory is to derive testable hypotheses about the demand functions. These hypotheses take the form of theoretical restrictions on the demand functions, for example, demand homogeneity, Slutsky symmetry, etc. These restrictions come from the utility-maximizing theory of consumer behaviour. Consequently, the objective of this chapter is to set out the theory of the utility-maximizing consumer and the derivation of the demand equations. There are a number of ways of deriving demand equations, including i the direct specification of the functional form of the demand equations; ii the specification of the direct utility function; iii the specification of the indirect utility function; iv the specification of the cost function; and v the application of the differential approach.
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Uncertainty and consumer behavior in Economic Decisions

The Economic Theory of the Consumer

Journal of Family and Economic Issues. This study analyzes consumption patterns of seven major categories of food for Chinese urban households using both nonparametric and parametric approaches. Nonparametric analysis was conducted to ensure that the data were consistent with the underlying theory. Chinese provincial data from the Income and Expenditure Survey of Chinese Urban Households showed that Chinese consumers' consumption behavior is consistent with the microeconomic utility maximization assumptions. The parametric analysis shows that in China from to , meats, fruits, and eggs had very high expenditure elasticities. Grains were a necessity for low-income provinces but were an inferior good for high-income provinces. The results are useful in understanding and predicting food consumption patterns in China and have implications for economic policy decision making.

Measurement of Consumers' Expenditure and Behaviour in the United . Deaton , A. S. and J. Muellbauer (), Economics and consumer behavior, Cam.
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The idea of duality has proved to be a powerful device in modern work on the economics of consumer behaviour. The authors have used duality to provide an integrated and accessible treatment of this subject.

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Written by Nobel Laureate Angus Deaton and John Muellbauer, the book begins with a self-contained presentation of the basic theory and its use in applied econometrics. These early chapters also include elementary extensions of the theory to labour supply, durable goods, the consumption function, and rationing. The rest of the book is divided into three parts. In the first of these the authors discuss restrictions on choice and aggregation problems. The next part consists of chapters on consumer index numbers; household characteristics, demand, and household welfare comparisons; and social welfare and inequality. The last part extends the coverage of consumer behaviour to include the quality of goods and household production theory, labour supply and human capital theory, the consumption function and intertemporal choice, the demand for durable goods, and choice under uncertainty. Related works: This item may be available elsewhere in EconPapers: Search for items with the same title.



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    Deaton Muellbauer - Economics and Consumer Behavior

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    Economics and consumer behavior. ANGUS DEATON and. JOHN MUELLBAUER John Muellbauer, Professor of Economics, Nuffield College, Oxford.

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