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Habit Formation and Intertemporal Substitution in Individual Food Consumption

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Author Info
Naik, Narayan Y
Moore, Michael J
Abstract

Individual food consumption data are used to examine three issues. First, is food consumption linked intertemporally at the individual level? Second, does the association between current and past consumption reflect habit or heterogeneity? Third, what do the estimates imply about the intertemporal elasticity of substitution? The authors find that habit matters, that controlling for heterogeneity reduces estimated habit effects, and that the product of the estimated intertemporal elasticity of substitution and the risk aversion parameter is less than one. These results all lead to rejection of time separable specifications of intertemporal consumption behavior. Copyright 1996 by MIT Press.

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Article provided by MIT Press in its journal Review of Economics & Statistics.

Volume (Year): 78 (1996)
Issue (Month): 2 (May)
Pages: 321-28
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Handle: RePEc:tpr:restat:v:78:y:1996:i:2:p:321-28

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  1. Masako Ikefuji, 2008. "Habit formation in an endogenous growth model with pollution abatement activities," Journal of Economics, Springer, vol. 94(3), pages 241-259, September. [Downloadable!] (restricted)
  2. Shin-Yi Chou & Michael Grossman & Henry Saffer, 2002. "An Economic Analysis of Adult Obesity: Results from the Behavioral Risk Factor Surveillance System," NBER Working Papers 9247, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Inas Rashad, 2006. "Structural Estimation of Caloric Intake, Exercise, Smoking, and Obesity," NBER Working Papers 11957, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Russel Cooper & Kieran P. Donaghy, 2000. "Risk and Growth: Theoretical Relationships and Preliminary Estimates for South Africa," Econometric Society World Congress 2000 Contributed Papers 0527, Econometric Society. [Downloadable!]
  5. Shiyuan Chen & Sally Wallace, 2009. "Food Consumption in Jamaica: A Household and Social Behavior," International Studies Program Working Paper Series, at AYSPS, GSU paper0901, International Studies Program, Andrew Young School of Policy Studies, Georgia State University. [Downloadable!]
  6. Inas Rashad & Michael Grossman & Shin-Yi Chou, 2006. "The Super Size of America: An Economic Estimation of Body Mass Index and Obesity in Adults," Eastern Economic Journal, Eastern Economic Association, vol. 32(1), pages 133-148, Winter. [Downloadable!]
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  7. Stephane Auray & Fabrice Collard & Patrick Feve, 2005. "Habit Persistence, Money Growth Rule and Real Indeterminacy," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 8(1), pages 48-67, January. [Downloadable!] (restricted)
  8. Ding, Yulian & Veeman, Michele M. & Adamowicz, Wiktor L., 2009. "BSE and the Dynamics of Beef Consumption: Influences of Habit and Trust," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49284, Agricultural and Applied Economics Association. [Downloadable!]
  9. Takeshi Nakata, 2007. "Habit Formation, Parents' Education Spending, and Growth," Economics Bulletin, Economics Bulletin, vol. 5(2), pages 1-9. [Downloadable!]
  10. Fatih Guvenen, 2005. "A Parsimonious Macroeconomic Model for Asset Pricing: Habit Formation of Cross-sectional Heterogeneity?," Finance 0507009, EconWPA. [Downloadable!]
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  11. Ichiro Gombi & Shinsuke Ikeda, 2001. "Heterogeneous Habits and the Transfer Paradox," ISER Discussion Paper 0551, Institute of Social and Economic Research, Osaka University. [Downloadable!]
  12. Stéphane Auray & Fabrice Collard & Patrick Fève, 2002. "Habit Persistence and Beliefs Based Liquidity Effect," Economics Bulletin, Economics Bulletin, vol. 5, pages 1-7. [Downloadable!]
  13. François Gardes & Greg Duncan & Patrice Gaubert & Marc Gurgand & Christophe Starzec, 2005. "Panel and Pseudo-Panel Estimation of Cross-Sectional and Time Series Elasticities of Food Consumption: The Case of American and Polish Data," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00176109_v1, HAL. [Downloadable!]
  14. Carrasco, Raquel & Labeaga Azcona, J Maria & López-Salido, J David, 2002. "Consumption and Habits: Evidence from Panel Data," CEPR Discussion Papers 3520, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  15. Fuad Hasanov, 2005. "Housing, Household Portfolio, and Intertemporal Elasticity of Substitution: Evidence from the Consumer Expenditure Survey," Macroeconomics 0510011, EconWPA. [Downloadable!]
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