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Back to the future? Habits and rational addiction in UK tobacco and alcohol demand

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Author Info
L. Fanelli ()
M. Mazzocchi ()

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Abstract

This paper develops a dynamic modeling approach for the Almost Ideal Demand System, which is consistent with the rational addiction theory. The forward-looking hypothesis is combined with that of convex adjustment costs in the presence of non-stationary cointegrated variables. Estimation is based on a two-step strategy based on cointegration and GMM techniques. Results on UK tobacco and alcohol demand support the adopted specifications and highlight the degree of complementarity between addictive goods.

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File URL: http://amsacta.cib.unibo.it/archive/00002162/01/FM_Res.pdf
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Paper provided by Department of Statistics, University of Bologna in its series Quaderni di Dipartimento with number 0.

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Date of creation: 2004
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Handle: RePEc:bot:quadip:10

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Find related papers by JEL classification:
I12 - Health, Education, and Welfare - - Health - - - Health Production
D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Robert Summers, 1957. "A Note on Least Squares Bias in Household Expenditure Analysis," Cowles Foundation Discussion Papers 29, Cowles Foundation, Yale University. [Downloadable!]
  2. Suranovic, Steven M. & Goldfarb, Robert S. & Leonard, Thomas C., 1999. "An economic theory of cigarette addiction," Journal of Health Economics, Elsevier, vol. 18(1), pages 1-29, January. [Downloadable!] (restricted)
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This page was last updated on 2009-11-4.

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