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Importance of Understanding Consumption Dynamics In Market Recovery Periods

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  • Tilley, Daniel S.

Abstract

Periods of reduced supplies due to exogenous shocks and subsequent high price levels have occurred for many agricultural commodities in the past decade. Consumers' adjustments to these events depend on the magnitude of the shocks and characteristics of the commodity. Understanding consumers' responses to these events requires recognition of rigidities that result in delays in consumer responses to prices.Recognition of rigidities in consumption relationships by using dynamic stock and flow adjustment models was popularized by Houthakker and Taylor [2]. The models recognize the role of inventories and habits resulting from previous purchase patterns in determining current consumption decisions.

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  • Tilley, Daniel S., 1979. "Importance of Understanding Consumption Dynamics In Market Recovery Periods," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 11(2), pages 41-46, December.
    • Handle: RePEc:cup:jagaec:v:11:y:1979:i:02:p:41-46_01
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    1. Longen, Kathryn A. & Claffey, Barbara A., 1981. "The Food Stamp Program as a Categorical Grant: Impact on Participation and Costs," 1981 Annual Meeting, July 26-29, Clemson, South Carolina 279330, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Brown, Mark G. & Lee, Jonq-Ying & Behr, Robert M., 1990. "Product Labeling, Advertising and Demand for Grapefruit Juice and Grapefruit-Juice Cocktail," 1990 Annual meeting, August 5-8, Vancouver, Canada 270898, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    3. Tilley, Daniel S., 1980. "Partial Systems Of Demand Functions," 1980 Annual Meeting, July 27-30, Urbana-Champaign, Illinois 278915, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    4. Brown, Mark G. & Behr, Robert M. & Lee, Jonq-Ying, 1994. "Conditional Demand And Endogeneity? A Case Study Of Demand For Juice Products," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 19(1), pages 1-12, July.

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