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An Analysis Of The Retirement-Consumption Puzzle For Food-At-Home And Away-From-Home Expenditures In Germany

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  • Drescher, Larissa S.
  • Roosen, Jutta

Abstract

According to Ando and Modigliani (1957), consumers pass different stages of a lifecycle with different impact on demand. The criticism that the life-cycle theory neglects generational effects and concentrates on ageing effects only has led to the application of the cohort analysis which decomposes not only age, but also period and cohort effects. Following these ideas, this paper presents results of a cohort analysis on food-at-home and away-from-home consumption covering 25 years of German consumption data. Special attention is given to the retirement-consumption puzzle which is the unanticipated drop in consumption after retirement. Results of seemingly unrelated regressions indicate that there are significant age, period and cohort effects of food-at-home and away-from-home expenditures which are more distinct for at-home consumption. Among others, pensioners appear to have significantly lower expenditures for food-at-home and food-away-from-home than non-retired households which points towards the existence of a retirement-consumption puzzle for these two consumption groups.

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Bibliographic Info

Paper provided by European Association of Agricultural Economists & Agricultural and Applied Economics Association in its series 115th Joint EAAE/AAEA Seminar, September 15-17, 2010, Freising-Weihenstephan, Germany with number 116441.

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Date of creation: 2010
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Handle: RePEc:ags:eaa115:116441

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Keywords: cohort analysis; retirement-consumption puzzle; food-at-home expenditures; food-away- from-home expenditures; Germany; Agricultural and Food Policy; Consumer/Household Economics; Demand and Price Analysis; Food Consumption/Nutrition/Food Safety; Food Security and Poverty; Health Economics and Policy; D91; E21; J10;

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References

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  1. Blisard, Noel, 2001. "Income and Food Expenditures Decomposed by Cohort, Age, and Time Effects," Technical Bulletins 33552, United States Department of Agriculture, Economic Research Service.
  2. Hayden Stewart & Noel Blisard, 2008. "Are Younger Cohorts Demanding Less Fresh Vegetables?," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 30(1), pages 43-60.
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  10. Fisher, Jonathan D. & Johnson, David S. & Marchand, Joseph & Smeeding, Timothy M. & Torrey, Barbara Boyle, 2008. "The retirement consumption conundrum: Evidence from a consumption survey," Economics Letters, Elsevier, vol. 99(3), pages 482-485, June.
  11. B. Douglas Bernheim & Jonathan Skinner & Steven Weinberg, 1997. "What Accounts for the Variation in Retirement Wealth Among U.S. Households?," Working Papers 97035, Stanford University, Department of Economics.
  12. Federico Perali & David Aristei & Luca Pieroni, 2005. "Cohort analysis of alcohol consumption: a double hurdle approach," CHILD Working Papers wp09_05, CHILD - Centre for Household, Income, Labour and Demographic economics - ITALY.
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