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Consumer Demand in the United States Prices, Income, and Consumption Behavior

:	Lester D. Taylor, H.S. Houthakker
:	Consumer Demand in the United States Prices, Income, and Consumption Behavior
:	Springer-Verlag
:	9781441905109
:	3
:	CHF 188.20
:

:	Volkswirtschaft
:	English

:	522
:	Wasserzeichen/DRM
:	PC/MAC/eReader/Tablet
:	PDF

A classic treatise that defined the field of applied demand analysis, Consumer Demand in the United States: Prices, Income, and Consumption Behavior is now fully updated and expanded for a new generation. Consumption expenditures by households in the United States account for about 70% of America's GDP. The primary focus in this book is on how households adjust these expenditures in response to changes in price and income. Econometric estimates of price and income elasticities are obtained for an exhaustive array of goods and services using data from surveys conducted by the Bureau of Labor Statistics and aggregate consumption expenditures from the National Income and Product Accounts, providing a better understanding of consumer demand. Practical models for forecasting future price and income elasticities are also demonstrated. Fully revised with over a dozen new chapters and appendices, the book revisits the original Houthakker-Taylor models while examining new material as well, such as the use of quantile regression and the stationarity of consumer preference. It also explores the emerging connection between neuroscience and consumer behavior, integrating the economic literature on demand theory with psychology literature. The most comprehensive treatment of the topic to date, this volume will be an essential resource for any researcher, student or professional economist working on consumer behavior or demand theory, as well as investors and policymakers concerned with the impact of economic fluctuations.

	In Memoriam	6
	Preface	10
	Postscript	13
	Contents	14
	1 Introduction and Overview	22
	1.1 Themes and Format of the Book	24
	1.2 A Readers Guide to the Study	26
	Part I Preliminaries	27
	2 Demand Theory Under Review	28
	2.1 Conventional Theory of Consumer Choice	28
	2.2 Neoclassical Demand Theory as a 19th-Century Conservative Energy System3	29
	2.3 Dynamics: Some Preliminaries	32
	2.4 State- and Flow-Adjustment Models of Consumption	34
	2.5 A Neuroscience Approach to Consumer Behavior	41
	2.6 Brain Structure and Consumption Dynamics29	44
	2.6.1 Assumptions and Terminologies	45
	2.6.2 Consumption Dynamics Associated with the Alpha and Beta Brains	48
	2.6.3 Opponent Processes and Consumption Dynamics39	50
	2.6.4 Dynamics Associated with the Gamma Brain	54
	2.6.5 From Consumption to Expenditure	56
	2.6.6 Consumption/Income Relationships	59
	2.6.7 Rationality	60
	2.7 The Maslovian Needs Hierarchy	61
	2.7.1 Physiological Needs	62
	2.7.2 Security Needs	62
	2.7.3 Community and Affection (Love) Needs	63
	2.7.4 Esteem Needs	63
	2.7.5 Self-Actualization Need	64
	2.8 Some Implications of a Hierarchy of Needs	64
	2.9 Toward Empirical Application	68
	2.10 Emotions and Consumption Behavior70	69
	2.11 Consumption Behavior and the Pursuit of Happiness	71
	2.12 Summary and Final Comments	73
	3 Quantile Regression: A Robust Alternative to Least Squares	77
	3.1 Some Background	77
	3.2 Quantile Regression	79
	3.3 Illustrations and Comparison	81
	3.4 Conclusion	84
	Appendix: On a Bilateral Law of Pareto	84
	1 A Bilateral Power Law	85
	2 A Bilateral Pareto Regression Model	88
	3 An Illustration	90
	4 Conclusion	93
	Part II Analyses of Data from BLS Consumer Expenditure Surveys	95
	4 Description of Data Used from the Ongoing BLS Consumer Expenditure Surveys	96
	4.1 Some Background and History1	96
	4.2 The Current BLS Surveys6	98
	4.3 Data Used in the Present Study	100
	4.4 Control Variables	101
	4.5 Combining CES Surveys and ACCRA Prices	102
	4.6 Levels of Aggregation	103
	5 Stability of U.S. Consumption Expenditure Patterns: 1996-1999	106
	5.1 Principal Component Analyses of 14 CES Expenditure Categories	106
	5.2 Interpretation of Results	115
	5.3 Regression Models for PCs 1 and 2	117
	5.4 Summary and Conclusions	119
	6 Price and Income Elasticities Estimated from BLS Consumer Expenditure Surveys and ACCRA Price Data: Some Preliminary Results	124
	6.1 Background and Merging of Data Sets	124
	6.2 Models Estimated	126
	6.3 Pooling Across Quarters and Years	132
	6.4 Effects of Other Variables	135
	6.5 Equations for Total Consumption Expenditure as Function of After-Tax Income	137
	6.6 Tests for Heteroscedastic Error Terms	137
	6.7 Nonlinear Logarithmic Engel Curves	140
	6.8 Conclusions	142
	7 Estimation of Theoretically Plausible Demand Functions from U.S. Consumer Expenditure Survey Data	144
	7.1 The Almost Ideal Demand System	144
	7.2 The Linear Expenditure System	145
	7.3 The Indirect Addilog Model9	148
	7.4 The Direct Addilog Model	149
	7.5 Some Technical Obiter Dicta Concerning Estimation	151
	7.6 Discussion of Results	153
	7.7 Conclusions	155
	8 An Additive Double-Logarithmic Consumer Demand System	156
	8.1 An Additive Double-Logarithmic Demand System	156
	8.2 Application to the CES-ACCRA Data Set for the Four Quarters of 1996	157
	8.3 Conclusions	161
	9 Quantile Regression Analysis of Asymmetrically Distributed Residuals	163
	9.1 Quantile Regression Estimation of the Additive Double-Logarithmic Model	163
	9.2 Price and Total-Expenditure Elasticities	166
	9.3 Conclusions	167
	10 CES Panel Dynamics: A Discrete-Time Flow-Adjustment Model	172
	10.1 Double-Logarithmic Flow-Adjustment Model	172
	10.2 Comparison with Static-Model Elasticities	182
	10.3 State- vs. Flow-Adjustment Behavior	184
	10.4 Conclusions	186
	11 Engel Curves for 29 Categories of CES Expenditure	187
	11.1 An Overview of the Results	216
	11.2 Size of Estimated Total-Expenditure Elasticities	217
	11.3 Interpretation of Total-Expenditure Elasticities in Terms of Maslovian Hierarchy of Needs	220
	11.4 Summary and Conclusions	224
	12 Summary of Cross-Sectional Results	227
	12.1 Stability of Expenditure Patterns	227
	12.2 Joining of ACCRA Price Data with CES Expenditure Surveys	228
	12.3 Summary of Price and Total-Expenditure Elasticities1	228
	12.4 Estimation of Dynamical Cross-Sectional Models	230
	12.5 Effects of Other Variables	231
	12.6 Asymmetrical Residuals and Quantile Regression	231
	12.7 Cross-Price Elasticities	232
	12.8 Evidence for Maslovian Hierarchical Preferences	232
	12.9 A First Look at the Relationship between Total Consumption and After-Tax Income	233
	12.10 Epilogue to the CES Analysis: Update to 2005	233
	12.11 Looking Ahead	233
	Appendix: Addendum to the CES Analysis: Estimates of Total-Expenditure Elasticities for 24 Additional Quarters, 20002005	234
	Part III Analysis of Time-Series Data from National Income and Product Accounts	239
	13 Analysis of Time-Series Data on Personal Consumption Expenditures from the U.S. National Income and Product Accounts	240
	13.1 NIPA PCE Categories	240
	13.2 Generalization of the Flow- and State-Adjustment