Economic Agent Behavior On Real Estate Market
Traditional theory of the consumer explains development of demand through changes in prices and income. Consumer tastes and preferences are considered to be constant, stable, therefore does not take account of them in explaining market participants behavior. Indeed, from scientific point of view, can only be explained a behavior by a hypothesis relating to individual tastes or preferences since it would be impossible to subject to such a hypothesis to the test of facts. If your preferences are stable, how we interpret fast transformation of modes of consumption? The increase of income can explain an increase in volume for consumption, but not the changes in its structure. At the limit, relative prices could explain budget allocation between existing goods and services, but not the incessant occurrence of new goods and services, which they come to satisfy what current language means that new needs.
Volume (Year): 3 (2014)
Issue (Month): 1 (January)
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- Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132.
- Epple, Dennis, 1987. "Hedonic Prices and Implicit Markets: Estimating Demand and Supply Functions for Differentiated Products," Journal of Political Economy, University of Chicago Press, vol. 95(1), pages 59-80, February.
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- Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
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