Approximately Rational Consumer Demand
DOWNLOAD
Download Approximately Rational Consumer Demand PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Approximately Rational Consumer Demand book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Approximately Rational Consumer Demand
DOWNLOAD
Author : David Jerison
language : en
Publisher:
Release Date : 1991
Approximately Rational Consumer Demand written by David Jerison and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with categories.
Approximately Rational Consumer Demand And Ville Cycles
DOWNLOAD
Author : David Jerison
language : de
Publisher:
Release Date : 1989
Approximately Rational Consumer Demand And Ville Cycles written by David Jerison and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with categories.
Emotionally Rational Consumer S Demand
DOWNLOAD
Author : Meisam Hejazi Nia
language : en
Publisher:
Release Date : 2016
Emotionally Rational Consumer S Demand written by Meisam Hejazi Nia and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Consumers are not only rational, but also they have emotion. In other word consumers incur mental cost, or emotion, for their forgone decisions, and learning from past mistakes shows itself in consumer's decision in the form of counterfactual thinking. Counterfactual thinking if incorporated into utility function of consumer predicts choice better. This study develops and estimates a two-period model of consumer choice in markets of fashion goods. Fashion goods are distinct from other types of goods in that they have limited lifecycle and availability. In these markets, retailers use skimming strategy by exerting multiple markdowns during the season. In reaction to this retail strategy, emotionally rational consumer faces a trades between purchasing early in the season, taking a risk of high price regret, or delaying it to the second period, when the product may not be available anymore, taking a risk of inaction or unavailability regret. Our structural model not only allows for four main component of consumer's decision on fashion items, two rational and two emotional. The first rational component includes ownership utility, consumption utility, and unobserved utility, or demand shock. The second rational component includes price disutility. The first emotional component in our model includes high price regret, and the second one inaction or stock out regret. We first assume that consumer has rational expectation not only about her regret sensitivity, but also about availability, price and time of markdown. We further extend our model to account for consumer misconception, and counterpart of regret, or rejoice of purchasing under markdown. We first start modeling myopic and forward looking consumer decision separately, but then we build up the model to allow for both type of consumer segments. Our model allows heterogeneity of consumer response to both price and different types of regret. We build up our model to account for multiple categories, to test for different hypothesis on consumer's regret on cold and hot whether, and impact of gender and product type on regret and price sensitivity. Finally, we extend our model for multiple periods. We estimate our model using aggregate sales and inventory data from a specialty apparel retailer. [the results are subject to change] We find out that there is small segment of high price sensitive consumers who are more regretful to high price, but less regretful to stock out. We also find out that if we do not account for heterogeneity in consumer price sensitivity, and consumer regret estimates are biased. Finally, our results show that only accounting for supply side optimization of firm does not substitute heterogeneity in consumer response.
The Rational Consumer
DOWNLOAD
Author : Robert Ernest Hall
language : en
Publisher: MIT Press
Release Date : 1990
The Rational Consumer written by Robert Ernest Hall and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Business & Economics categories.
The Rational Consumer brings together eight articles that represent key points in the development of Robert Hall's ideas on consumption over the past two decades. Since the late 1960s, Robert Hall's research has had a significant impact on the macroeconomic study of consumer behavior. The Rational Consumer brings together eight articles that represent key points in the development of Hall's ideas on consumption over the past two decades. In his introduction, Hall puts this work into perspective, tying together his ideas and pointing to how consumer behavior should work in the future given what he has discovered.Working within the standard intertemporal models of consumption - the overlapping generations model and the infinite lifetime model - Hall's contributions to methodology have been especially important. Particularly noteworthy was his challenge to the prevalent model in which current consumption was seen as deriving from expected future income. Hall argued that consumption was, instead, based upon the actual present discounted value of future income.ContentsIntroduction - The Allocation of Wealth among the Generations of a Family that Lasts Forever - A Theory of Inheritance - The Dynamic Effects of Fiscal Policy in an Economy with Foresight - Consumption Taxes versus Income Taxes: Implications for Economic Growth - Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence - The Sensitivity of Consumption to Transitory Income: Estimates from Panel Data on Households (with Frederic S. Mishkin) - Intertemporal Substitution in Consumption - Survey of Research on the Random Walk of Consumption - The Role of Consumption in Economic Fluctuations
Revealed Preference Theory
DOWNLOAD
Author : Christopher P. Chambers
language : en
Publisher: Cambridge University Press
Release Date : 2016-01-05
Revealed Preference Theory written by Christopher P. Chambers and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-01-05 with Business & Economics categories.
The theory of revealed preference has a long, distinguished tradition in economics but lacked a systematic presentation of the theory until now. This book deals with basic questions in economic theory and studies situations in which empirical observations are consistent or inconsistent with some of the best known economic theories.
Quasi Rational Consumer Demand
DOWNLOAD
Author : John Fountain
language : en
Publisher:
Release Date : 1992
Quasi Rational Consumer Demand written by John Fountain and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Consumers categories.
Bounded Rationality And Industrial Organization
DOWNLOAD
Author : Ran Spiegler
language : en
Publisher: Oxford University Press
Release Date : 2011-02-18
Bounded Rationality And Industrial Organization written by Ran Spiegler and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-02-18 with Business & Economics categories.
Conventional economic theory assumes that consumers are fully rational, that they have well-defined preferences and easily understand the market environment. Yet, in fact, consumers may have inconsistent, context-dependent preferences or simply not enough brain-power to evaluate and compare complicated products. Thus the standard model of consumer behavior-which depends on an ideal market in which consumers are boundlessly rational-is called into question. While behavioral economists have for some time confirmed and characterized these inconsistencies, the logical next step is to examine the implications they have in markets. Grounded in key observations in consumer psychology, Bounded Rationality and Industrial Organization develops non-standard models of "boundedly rational" consumer behavior and embeds them into familiar models of markets. It then rigorously analyses each model in the tradition of microeconomic theory, leading to a richer, more realistic picture of consumer behavior. Ran Spiegler analyses phenomena such as exploitative price plans in the credit market, complexity of financial products and other obfuscation practices, consumer antagonism to unexpected price increases, and the role of default options in consumer decision making. Spiegler unifies the relevant literature into three main strands: limited ability to anticipate and control future choices, limited ability to understand complex market environments, and sensitivity to reference points. Although the challenge of enriching the psychology of decision makers in economic models has been at the frontier of theoretical research in the last decade, there has been no graduate-level, theory-oriented textbook to cover developments in the last 10-15 years. Thus, Bounded Rationality and Industrial Organization offers a welcome and crucial new understanding of market behavior-it challenges conventional wisdom in ways that are interesting and economically significant, and which in the end effect the well-being of all market participants.
Models And Measurement Of Welfare And Inequality
DOWNLOAD
Author : Wolfgang Eichhorn
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Models And Measurement Of Welfare And Inequality written by Wolfgang Eichhorn and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
The literature on economic problems connected with measuring and modelling of welfare and inequality has grown rapidly within the last decade. Since this literature is scattered throughout a great number of journals on economics, economic theory, econometrics, and statisties, it is difficult to get an adequate picture of the present state of the art. Therefore books should appear from time to time, which offer a representative cross-section of the latest results of research on: the subject. This book offers such material. It contains 54 articles by 84 authors from four of the five continents. Each paper has been reviewed by two referees. As a conse quence, the contributions of this book are revised versions, or, in many cases, revised revisions of the original papers. The book is divided into four parts. Part I: Measurement of Inequality and Poverty This part contains eleven papers on theory and empirical applications of inequa lity and/or poverty measures. Two contributions deal with, among other things, experimental findings on questions concerning the acceptance of distributional axioms. Part II: Taxation and Redistribution Distributional or, rather, redistributional aspects play an important role in Part II. The topics of the 14 papers included in this part range from tax progressivity and redistribution, allocative consequences of splitting under income taxation, and connections between income tax and cost-of-living indices to merit goods and welfarism as well as to welfare aspects of tax reforms.
Consumer Theory
DOWNLOAD
Author : Kelvin Lancaster
language : en
Publisher: Edward Elgar Publishing
Release Date : 1998
Consumer Theory written by Kelvin Lancaster and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business & Economics categories.
A collection of 34 articles on consumer theory, giving representative coverage of important ideas in the field. Apart from a few classics from the pre-1950 period, most papers are from the decades of the 1950s, 1960s, and 1970s, with the most recent from 1991. Articles are arranged in sections on foundations of neoclassical theory, revealed preference, utility and rationality, aggregate demand, the structure of preferences, consumption as production, intertemporal choice, durable goods, uncertainty, and special cases. No index. Annotation copyrighted by Book News, Inc., Portland, OR
Economics Essays
DOWNLOAD
Author : Gerard Debreu
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-04-17
Economics Essays written by Gerard Debreu and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-04-17 with Business & Economics categories.
Back in the good old days on the fourth floor of the Altbau of Bonn's Ju ridicum, Werner Hildenbrand put an end to a debate about a festschrift in honor of an economist on the occasion of his turning 60 with a laconic: "Much too early." Remembering his position five years ago, we did not dare to think about one for him. But now he has turned 65. If consulted, he would most likely still answer: "Much too early." However, he has to take his official re tirement, and we believe that this is the right moment for such an endeavor. No doubt Werner Hildenbrand will not really retire. As professor emeritus, free from the constraints of a rigid teaching schedule and the burden of com mittee meetings, he will be able to indulge his passions. We expect him to pursue, with undiminished enthusiasm, his research, travel, golfing, the arts, and culinary pleasures - escaping real retirement.