IDEAS home Printed from https://ideas.repec.org/a/ags/aaeatr/303919.html
   My bibliography  Save this article

Convenient Economics: The Incorporation and Implications of Convenience in Market Equilibrium Analysis

Author

Listed:
  • Davis, George

Abstract

Convenience is perhaps the most important “commodity” being sold in the market today, and yet there is nothing of analytical substance to be found in most undergraduate textbooks. The purpose of this article is to provide a straightforward framework for teaching students the economics of convenience, utilizing the standard tools of introductory and intermediate microeconomics. The framework is used to answer several questions related to convenience that could not be answered with the typical supply and demand framework found in undergraduate textbooks. The key analytical features of the article are provided in a complementary PowerPoint file in the online supplementary appendix.

Suggested Citation

  • Davis, George, 2020. "Convenient Economics: The Incorporation and Implications of Convenience in Market Equilibrium Analysis," Applied Economics Teaching Resources (AETR), Agricultural and Applied Economics Association, vol. 2(3), July.
    • Handle: RePEc:ags:aaeatr:303919
    DOI: 10.22004/ag.econ.303919
    as

    Download full text from publisher

    File URL: https://ageconsearch.umn.edu/record/303919/files/AETR_2020_006RProofFinal_v9.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.22004/ag.econ.303919?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Teece, David J., 1980. "Economies of scope and the scope of the enterprise," Journal of Economic Behavior & Organization, Elsevier, vol. 1(3), pages 223-247, September.
    2. Larry A. Sjaastad, 1970. "The Costs and Returns of Human Migration," Palgrave Macmillan Books, in: Harry W. Richardson (ed.), Regional Economics, chapter 9, pages 115-133, Palgrave Macmillan.
    3. Becker, Gary S, 1985. "Human Capital, Effort, and the Sexual Division of Labor," Journal of Labor Economics, University of Chicago Press, vol. 3(1), pages 33-58, January.
    4. Roger R. Betancourt, 2004. "The Economics of Retailing and Distribution," Books, Edward Elgar Publishing, number 3511.
    5. George C. Davis, 1997. "The Logic of Testing Structural Change in Meat Demand: A Methodological Analysis and Appraisal," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(4), pages 1186-1192.
    6. repec:eee:labchp:v:1:y:1986:i:c:p:641-692 is not listed on IDEAS
    7. Davis, George C. & Serrano, Elena L., 2016. "Food and Nutrition Economics: Fundamentals for Health Sciences," OUP Catalogue, Oxford University Press, number 9780199379118.
    8. Pollak, Robert A, 1985. "A Transaction Cost Approach to Families and Households," Journal of Economic Literature, American Economic Association, vol. 23(2), pages 581-608, June.
    9. Anekwe,Tobenna D. & Zeballos, Eliana, 2019. "Food-Related Time Use: Changes and Demographic Differences," Economic Information Bulletin 301136, United States Department of Agriculture, Economic Research Service.
    10. Wen You & George C. Davis, 2019. "Estimating dual headed time in food production with implications for SNAP benefit adequacy," Review of Economics of the Household, Springer, vol. 17(1), pages 249-266, March.
    11. Pashigian, B Peter & Bowen, Brian, 1994. "The Rising Cost of Time of Females, the Growth of National Brands, and the Supply of Retail Services," Economic Inquiry, Western Economic Association International, vol. 32(1), pages 33-65, January.
    12. Pantano, Eleonora & Viassone, Milena, 2014. "Demand pull and technology push perspective in technology-based innovations for the points of sale: The retailers evaluation," Journal of Retailing and Consumer Services, Elsevier, vol. 21(1), pages 43-47.
    13. B. Pashigian & Sam Peltzman & Jeanne-Mey Sun, 2003. "Firm Responses to Income Inequality and the Cost of Time," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 22(4), pages 253-273, June.
    14. Davis, George C., 1997. "The Formal Logic Of Testing Structural Change In Meat Demand: A Methodological Analysis," Faculty Paper Series 23975, Texas A&M University, Department of Agricultural Economics.
    15. Kamien,Morton I. & Schwartz,Nancy L., 1982. "Market Structure and Innovation," Cambridge Books, Cambridge University Press, number 9780521293853, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Burak Dindaroglu, 2011. "R&D Productivity and Firm Size in Semiconductors and Pharmaceuticals: Evidence from Citation Yields," Working Papers 1101, Izmir University of Economics.
    2. Martin Junge & Martin D. Munk & Panu Poutvaara, 2013. "International Migration of Couples," Norface Discussion Paper Series 2013018, Norface Research Programme on Migration, Department of Economics, University College London.
    3. Michael Burton & Richard Dorsett & Trevor Young, 2000. "An investigation of the increasing prevalence of nonpurchase of meat by British households," Applied Economics, Taylor & Francis Journals, vol. 32(15), pages 1985-1991.
    4. Robert A. Pollak, 2012. "Allocating Time: Individuals' Technologies, Household Technology, Perfect Substitutes, and Specialization," Annals of Economics and Statistics, GENES, issue 105-106, pages 75-97.
    5. Wildner, S. & Cramon-Taubadel, S.v., 2000. "Die Bedeutung von Veränderungen der Nachfrage für die Wettbewerbsfähigkeit des Agrarsektors: erste Ergebnisse einer neuen Nachfrageschätzung," Proceedings “Schriften der Gesellschaft für Wirtschafts- und Sozialwissenschaften des Landbaues e.V.”, German Association of Agricultural Economists (GEWISOLA), vol. 36.
    6. William G. Tomek & Harry M. Kaiser, 1999. "On improving econometric analyses of generic advertising impacts," Agribusiness, John Wiley & Sons, Ltd., vol. 15(4), pages 485-500.
    7. Tanja Fendel, 2021. "The Effect of Housework on Wages: A Study of Migrants and Native-Born Individuals in Germany," Journal of Family and Economic Issues, Springer, vol. 42(3), pages 473-488, September.
    8. Hussein, Zekarias & Rodriguez, Nestor & Eales, James S., 2013. "STARs with the GIDDS: Smooth Transition Functions and Structural Change," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150755, Agricultural and Applied Economics Association.
    9. Dirk Bethmann & Michael Kvasnicka, 2011. "The institution of marriage," Journal of Population Economics, Springer;European Society for Population Economics, vol. 24(3), pages 1005-1032, July.
    10. Ning, Xin & Grant, Jason H. & Peterson, Everett B., 2021. "Estimating Structural Change in the Japanese Beef Import Market in the Wake of BSE: A Smooth Transition Approach," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 47(1), January.
    11. Beatrice D. Simo-Kengne & Johane Dikgang & Sunita Prugsamatz Ofstad, 2018. "Effect of marine protected areas and macroeconomic environment on meat consumption in SEAFO countries," Agricultural and Food Economics, Springer;Italian Society of Agricultural Economics (SIDEA), vol. 6(1), pages 1-13, December.
    12. Bryant, Henry L. & Davis, George C., 2001. "Beyond The Model Specification Problem: Model And Parameter Averaging Using Bayesian Techniques," 2001 Annual meeting, August 5-8, Chicago, IL 20689, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    13. Chen Zhen & Michael K. Wohlgenant, 2006. "Meat Demand under Rational Habit Persistence," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 54(4), pages 477-495, December.
    14. Matthew T. Holt & Joseph V. Balagtas, 2009. "Estimating Structural Change with Smooth Transition Regressions: An Application to Meat Demand," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(5), pages 1424-1431.
    15. Cuervo-Cazurra, Alvaro & Un, C. Annique, 2007. "Regional economic integration and R&D investment," Research Policy, Elsevier, vol. 36(2), pages 227-246, March.
    16. Davis, George C., 2004. "The Structure of Models: Understanding Theory Reduction and Testing with a Production Example," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 29(1), pages 1-14, April.
    17. Gerhard Sichelstiel & Fritz Söllner, 2004. "„Gleich und gleich gesellt sich gern”–ökonomische Ansätze zur Partnerwahl," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 5(3), pages 249-270, August.
    18. Rodriguez, Nestor & Eales, James S., 2015. "Structural Change via Threshold Effects: Estimating U.S. Meat Demand Using Smooth Transition Functions and the Effects of More Women in the Labor Force," 2015 AAEA & WAEA Joint Annual Meeting, July 26-28, San Francisco, California 206522, Agricultural and Applied Economics Association.
    19. Cassiman, Bruno & Colombo, Massimo G. & Garrone, Paola & Veugelers, Reinhilde, 2005. "The impact of M&A on the R&D process: An empirical analysis of the role of technological- and market-relatedness," Research Policy, Elsevier, vol. 34(2), pages 195-220, March.
    20. Pradeep K. Chintagunta & Junhong Chu & Javier Cebollada, 2012. "Quantifying Transaction Costs in Online/Off-line Grocery Channel Choice," Marketing Science, INFORMS, vol. 31(1), pages 96-114, January.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ags:aaeatr:303919. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: AgEcon Search (email available below). General contact details of provider: https://edirc.repec.org/data/aaeaaea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.