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On the Arbitrariness of Consumption

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Author Info
John Whalley ()
Shunming Zhang ()

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Abstract

We discuss a simple model of choices of joint consumption by a working couple who place maintenance of their marriage (relationship) above all else. Any proposal made by one partner seeking to provide maximal utility to the other so as to preserve the marriage, in the case where preferences of partners are unknown, will be accepted. In this sense consumption is arbitrary. In a concluding section we suggest that while overly simple; this structure may characterize to some degree significant amounts of observed consumption, emphasing how social arrangements and the value placed on them by individuals can impact on observed economic behaviour.

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Publisher Info
Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number CESifo Working Paper No. 2566.

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Date of creation: 2009
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Handle: RePEc:ces:ceswps:_2566

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Related research
Keywords: values; preferences; lexicographic; relationship; partners;

Find related papers by JEL classification:
A10 - General Economics and Teaching - - General Economics - - - General
A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles

References listed on IDEAS
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  1. Waldfogel, Joel, 1993. "The Deadweight Loss of Christmas," American Economic Review, American Economic Association, vol. 83(5), pages 1328-36, December. [Downloadable!] (restricted)
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This page was last updated on 2009-11-3.

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