Consumer demand in the United States: prices, income, and consumption behavior

A classic treatise that defined the field of applied demand analysis, Consumer Demand in the United States: Prices, Income, and Consumption Behavior is nowfully updated and expanded for a new generation. Consumption expenditures by households in the United States account for about 70% of America’s GDP. The primary focus in this book is on how households adjust these expenditures in response to changes in price and income. Econometric estimates of price and income elasticities are obtained for an exhaustive array of goods and services using data from surveys conducted by the Bureau of Labor Statistics and aggregate consumption expenditures from the National Income and Product Accounts, providing a better understanding of consumer demand. Practical models for forecasting future price and income elasticities are also demonstrated. Fully revised with over a dozen new chapters and appendices, the book revisits the original Houthakker-Taylor models while examining new material as well, such as the use of quantile regression and the stationarity of consumer preference. It also explores the emerging connection between neuroscience and consumer behavior, integrating the economic literature on demand theory with psychology literature. The most comprehensive treatment of the topic to date, this volume will be an essential resource for any researcher, student or professional economist working on consumer behavior or demand theory, as well as investors and policymakersconcerned with the impact of economic fluctuations. Original editions sold 2500 copies and were among the most highly cited books in the field of demand theory Taylor and Houthakker are two of the most well-known scholars in the field of demand analysis and consumption behavior, and pioneered dynamic consumption models that have been workhorses of applied econometrics for over 40 years Most extensive coverage of price and income elasticities in relation to consumer demand to be found in any publication Introduces models that will help economists and industry specialists to forecast future price elasticities Stands at crossroads of economics and psychology, appealing to diverse audience INDICE: Introduction and Overview.- Demand Theory Under Review.- Econometric and Estimation Considerations.- Appendix On a Bilateral Law-of-Pareto.- Description of Data Used From The On-Going BLS Consumer Expenditure Surveys.- Stability of U.S. Consumption Expenditure Patterns: 1996 - 1999.- Price and Income Elasticities Estimated From BLS Consumer Expenditure Surveys and ACCRA PriceData: Some Preliminary Results.- Estimation of Theoretically Plausible DemandFunctions From U.S. Consumer Expenditure Survey Data.- An Additive Double-Logarithmic Consumer Demand System.- Quantile Regression Analysis of Asymmetrically Distributed Residuals.- CES Panel Dynamics: A Discrete-Time Flow-AdjustmentModel.- Engel Curves for 29 Categories of CES Expenditure.- Summary of Cross-Sectional Results.- Appendix Addendum to the CES Analysis: Estimates of Total-Expenditure Elasticities for 24 Additional Quarters, 2000-2005.- Analysis of Time-Series Data on Personal Consumption Expenditures from The U. S. National Income and Product Accounts.- Quarterly PCE Models.- Annual PCE Models.- Appendix 15.1 Demand for Electricity.- Appendix 15.2 Demand for Telecommunications.-Appendix 15.3 Used Car Prices and the Demand for Automobiles.- Discussion of the Time-Series Results.- Comparison of Time-Series and Cross-Sectional Elasticities.- Overall Assessment of CES and PCE Elasticities.- Dynamics of PersonalSaving.-The Stationarity of Consumer Preferences: Evidence From Twenty Countries.- Conic Distributions of Earned Income.- Notes on Thick-Tailed Distributions of Wealth.- Final Evaluation.

• ISBN: 978-1-4419-0509-3
• Editorial: Springer
• Encuadernacion: Cartoné
• Páginas: 645
• Fecha Publicación: 12/08/2009
• Nº Volúmenes: 1
• Idioma: Inglés