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Meat Demand under Rational Habit Persistence

  • Zhen, Chen
  • Wohlgenant, Michael K.

The objective of this paper is to explore the theoretical implications of a meat demand model with rational habits. To introduce consumption dynamics, habit persistence is used to motivate intertemporally related preferences. The impact of food safety information on meat consumption is systematically analyzed. Important differences between myopic habits and rational habits are outlined.

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File URL: http://purl.umn.edu/19145
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Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2005 Annual meeting, July 24-27, Providence, RI with number 19145.

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Date of creation: 2005
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Handle: RePEc:ags:aaea05:19145
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  1. Ryder, Harl E, Jr & Heal, Geoffrey M, 1973. "Optimum Growth with Intertemporally Dependent Preferences," Review of Economic Studies, Wiley Blackwell, vol. 40(1), pages 1-33, January.
  2. Hansen, Lars Peter, 1982. "Large Sample Properties of Generalized Method of Moments Estimators," Econometrica, Econometric Society, vol. 50(4), pages 1029-54, July.
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  4. Gary S. Becker & Kevin M. Murphy, 1986. "A Theory of Rational Addiction," University of Chicago - George G. Stigler Center for Study of Economy and State 41, Chicago - Center for Study of Economy and State.
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  7. Kinnucan, Henry W. & Chang, Hui-Shung (Christie) & Venkateswaran, Meenakshi, 1993. "Generic Advertising Wearout," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 61(03), December.
  8. 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.
  9. Pollak, Robert A, 1970. "Habit Formation and Dynamic Demand Functions," Journal of Political Economy, University of Chicago Press, vol. 78(4), pages 745-63, Part I Ju.
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  13. Mehra, Rajnish & Prescott, Edward C., 1985. "The equity premium: A puzzle," Journal of Monetary Economics, Elsevier, vol. 15(2), pages 145-161, March.
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  15. Chaloupka, Frank, 1991. "Rational Addictive Behavior and Cigarette Smoking," Journal of Political Economy, University of Chicago Press, vol. 99(4), pages 722-42, August.
  16. Boyer, M., 1976. "A Habit Forming Optimal Grouwth Model," Cahiers de recherche 7612, Universite de Montreal, Departement de sciences economiques.
  17. 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.
  18. Silberberg, Eugene, 1985. "Nutrition and the Demand for Tastes," Journal of Political Economy, University of Chicago Press, vol. 93(5), pages 881-900, October.
  19. Jonathan Gruber & Botond Köszegi, 2001. "Is Addiction "Rational"? Theory And Evidence," The Quarterly Journal of Economics, MIT Press, vol. 116(4), pages 1261-1303, November.
  20. Constantinides, George M, 1990. "Habit Formation: A Resolution of the Equity Premium Puzzle," Journal of Political Economy, University of Chicago Press, vol. 98(3), pages 519-43, June.
  21. Carrasco, Raquel & Labeaga Azcona, J Maria & López-Salido, J David, 2002. "Consumption and Habits: Evidence from Panel Data," CEPR Discussion Papers 3520, C.E.P.R. Discussion Papers.
  22. Sakong, Yong & Hayes, Dermot J., 1993. "Testing the Stability of Preferences: A Nonparametric Approach," Staff General Research Papers 558, Iowa State University, Department of Economics.
  23. McGuirk, Anya M. & Driscoll, Paul J. & Alwang, Jeffrey Roger & Huang, Huilin, 1995. "System Misspecification Testing And Structural Change In The Demand For Meats," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 20(01), July.
  24. Heien, Dale & Durham, Cathy, 1991. "A Test of the Habit Formation Hypothesis Using Household Data," The Review of Economics and Statistics, MIT Press, vol. 73(2), pages 189-99, May.
  25. Muellbauer, John, 1986. "Habits, Rationality and Myopia in the Life-Cycle Consumption Function," CEPR Discussion Papers 112, C.E.P.R. Discussion Papers.
  26. Camilo Sarmiento, 2005. "A Varying Coefficient Approach to Global Flexibility in Demand Analysis: A Semiparametric Approximation," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 87(1), pages 38-47.
  27. Richards, Timothy J. & Patterson, Paul M. & Tegene, Abebayehu, 2004. "Obesity and Nutrient Consumption: A Rational Addiction?," Working Papers 28539, Arizona State University, Morrison School of Agribusiness and Resource Management.
  28. John D. Jackson, 1997. "Effects of Health Information and Generic Advertising on U.S. Meat Demand," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(1), pages 13-23.
  29. Abel, Andrew B., 1982. "Dynamic effects of permanent and temporary tax policies in a q model of investment," Journal of Monetary Economics, Elsevier, vol. 9(3), pages 353-373.
  30. Michael R. Thomsen & Andrew M. McKenzie, 2001. "Market Incentives for Safe Foods: An Examination of Shareholder Losses from Meat and Poultry Recalls," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(3), pages 526-538.
  31. Nicholas E. Piggott & Thomas L. Marsh, 2004. "Does Food Safety Information Impact U.S. Meat Demand?," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 86(1), pages 154-174.
  32. Jonathan Gruber & Botond Koszegi, 2000. "Is Addiction "Rational"? Theory and Evidence," NBER Working Papers 7507, National Bureau of Economic Research, Inc.
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