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The Demand for Food Products: An Analysis of Interpurchase Times and Purchased Quantities

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  • Boizot, Christine
  • Robin, Jean-Marc
  • Visser, Michael

Abstract

In this paper we study household purchase behaviour of storable food products. An inventory model is developed in which the household chooses an optimal stock level of the product. Storage of the product is costly, there is a fixed cost per purchase occasion, and the market price is sometimes discounted because of price promotions. We show that the optimal purchase policy is an s, S policy. The model is used to derive predictions on the correlations between interpurchase times and purchased quantities on the one hand, and prices on the other. These predictions are empirically verified using consumer panel data.

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Bibliographic Info

Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 111 (2001)
Issue (Month): 470 (April)
Pages: 391-419

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Handle: RePEc:ecj:econjl:v:111:y:2001:i:470:p:391-419

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Cited by:
  1. Igal Hendel & Aviv Nevo, 2006. "Measuring the Implications of Sales and Consumer Inventory Behavior," Econometrica, Econometric Society, vol. 74(6), pages 1637-1673, November.
  2. Igal Hendel & Aviv Nevo, 2002. "Sales and Consumer Inventory," NBER Working Papers 9048, National Bureau of Economic Research, Inc.
  3. Aguirregabiria, Victor & Nevo, Aviv, 2010. "Recent developments in empirical IO: dynamic demand and dynamic games," MPRA Paper 27814, University Library of Munich, Germany.
  4. Rachel Griffith & Ephraim Leibtag & Andrew Leicester & Aviv Nevo, 2009. "Consumer Shopping Behavior: How Much Do Consumers Save?," Journal of Economic Perspectives, American Economic Association, vol. 23(2), pages 99-120, Spring.
  5. Rachel Griffith & Ephraim Leibtag & Andrew Leicester & Aviv Nevo, 2008. "Timing and Quantity of Consumer Purchases and the Consumer Price Index," NBER Working Papers 14433, National Bureau of Economic Research, Inc.
  6. Van den Berg, Gerard J., 2000. "Duration Models: Specification, Identification, and Multiple Durations," MPRA Paper 9446, University Library of Munich, Germany.
  7. Dong, Diansheng & Stewart, Hayden, 2008. "Household Food Purchase Patterns: The Case of Vegetables," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6428, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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