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Welfare - Vol. 1: Aggregate Consumer Behavior

Author

Listed:
  • Dale W. Jorgenson

    (Harvard University)

Abstract

This volume presents a new approach to econometric modeling of aggregate consumer behavior. The approach has successfully extricated demand modeling from the highly restrictive framework provided for more than half a century by the model of a representative consumer. Like the representative consumer model that preceded it, the new approach rests on the theory of individual behavior. The centerpiece of the volume is an econometric model of demand obtained by aggregating over a population of utility-maximizing consumers. The essential innovation is to incorporate attributes of consumers reflecting heterogeneous preferences into a model of aggregate behavior. Heterogeneity is captured by allowing preferences to depend on the demographic characteristics of households. This model unifies the two principal streams of empirical research on consumer behavior by pooling aggregate time series with cross-section data for individual households and provides a new point of departure for future research.

Suggested Citation

  • Dale W. Jorgenson, 1997. "Welfare - Vol. 1: Aggregate Consumer Behavior," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262100622, December.
    • Handle: RePEc:mtp:titles:0262100622
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    Citations

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    Cited by:

    1. Jorgenson Dale W & Goettle Richard & Ho Mun S & Slesnick Daniel T & Wilcoxen Peter J, 2011. "The Distributional Impact of Climate Policy," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 10(2), pages 1-28, April.
    2. Brannlund, Runar & Nordstrom, Jonas, 2004. "Carbon tax simulations using a household demand model," European Economic Review, Elsevier, vol. 48(1), pages 211-233, February.
    3. Hancevic, Pedro & Cont, Walter & Navajas, Fernando, 2016. "Energy populism and household welfare," Energy Economics, Elsevier, vol. 56(C), pages 464-474.
    4. Ana Gil & José Molina, 2009. "Alcohol demand among young people in Spain: an addictive QUAIDS," Empirical Economics, Springer, vol. 36(3), pages 515-530, June.
    5. Cavallari, Lilia, 2018. "Monetary policy with non-homothetic preferences," MPRA Paper 85147, University Library of Munich, Germany.
    6. Daniel McFadden, 2014. "The new science of pleasure: consumer choice behavior and the measurement of well-being," Chapters, in: Stephane Hess & Andrew Daly (ed.), Handbook of Choice Modelling, chapter 2, pages 7-48, Edward Elgar Publishing.
    7. Chen, Zhihong, 2006. "Measuring the poverty lines for urban households in China--an equivalence scale method," China Economic Review, Elsevier, vol. 17(3), pages 239-252.

    More about this item

    JEL classification:

    • C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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