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636
Is Consumption Growth Consistent with Intertemporal Optimization? Evidence for the Consumer Expenditure Survey
- Journal of Political Economy
, 1995
"... In this paper we show that some of the predictions of models of consumer intertemporal optimization are in line with the patterns of nondurable expenditure observed in U.S. household-level data. We propose a flexible specification of preferences that allows multi-ple commodities and yields empirical ..."
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Cited by 314 (18 self)
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In this paper we show that some of the predictions of models of consumer intertemporal optimization are in line with the patterns of nondurable expenditure observed in U.S. household-level data. We propose a flexible specification of preferences that allows multi-ple commodities and yields empirically tractable equations. We esti-mate preference parameters using the only U.S. micro data set with complete consumption information. We show that previous rejec-tions can be explained by the simplifying assumptions made in previ-ous studies. We also show that results obtained using good consump-tion or aggregate data can be misleading. I.
The empirical content of Nash bargained household behavior
- Journal of Human Resources
, 1990
"... you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact inform ..."
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Cited by 230 (3 self)
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you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at
What do we Learn About Consumer Demand Patterns from Micro Data?
- AMERICAN ECONOMIC REVIEW
, 1993
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Labour supply: An intertemporal substitution
- Journal of Econometrics
, 1993
"... This paper concerns the estimation of an intertemporal model for labour supply and consumption that recognises the presence of nonworkers and which is cast in a structural optimising framework that allows for uncertainty. Through the utilisation of a micro-data source that measures consump-tion and ..."
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Cited by 58 (10 self)
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This paper concerns the estimation of an intertemporal model for labour supply and consumption that recognises the presence of nonworkers and which is cast in a structural optimising framework that allows for uncertainty. Through the utilisation of a micro-data source that measures consump-tion and labour supply we are able to estimate aflexible preference model which incorporates comer solutions and uncertainty. 1.
Maintaining and Testing Separability in Demand Systems
, 1994
"... Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at ..."
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Cited by 56 (1 self)
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Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at
The kinked demand curve and price rigidity: Evidence from scanner data", by
, 2006
"... Abstract This paper uses scanner data from a large euro area retailer. We extend Deaton and Muellbauer's Almost Ideal Demand System to estimate the price elasticity and curvature of demand for a wide range of products. Our results support the introduction of a kinked (concave) demand curve in ..."
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Cited by 52 (3 self)
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Abstract This paper uses scanner data from a large euro area retailer. We extend Deaton and Muellbauer's Almost Ideal Demand System to estimate the price elasticity and curvature of demand for a wide range of products. Our results support the introduction of a kinked (concave) demand curve in general equilibrium macro models. We …nd that the price elasticity of demand is on average higher for price increases than for price decreases. However, the degree of curvature in demand is much lower than is currently imposed. Moreover, for a signi…cant fraction of products we observe a convex demand curve. JEL : C33, D12, E3
Demand for Differentiated Durable Products: The Case of the U.S. Computer Printer Market
, 2000
"... This paper develops an estimation technique for analyzing the impact of technological change on the dynamics of consumer demand in a differentiated durable products industry. The paper presents a dynamic model of consumer demand for differentiated durable products that explicitly accounts for consum ..."
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Cited by 52 (0 self)
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This paper develops an estimation technique for analyzing the impact of technological change on the dynamics of consumer demand in a differentiated durable products industry. The paper presents a dynamic model of consumer demand for differentiated durable products that explicitly accounts for consumers’ expectations of future product quality and consumers’ outflow from the market, arising endogenously from their purchase decisions. The timing of consumers’ purchases is formalized as an optimal stopping problem. A solution to that problem defines the hazard rate of product adoptions, while the nested discrete choice model determines the alternative-specific purchase probabilities. Integrating individual decisions over the population distribution generates rich dynamics of aggregate and product level sales. The empirical part of the paper takes the model to data on the U.S. computer printer market. The estimates support the hypothesis of consumers’ forward-looking behavior, allowing for better demand forecasts and improved measures of welfare gains from introducing new products.
