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Welfare: Aggregate consumer behavior.pdf

Welfare: Aggregate consumer behavior false
By:Dale Weldeau Jorgenson
Published on 1997 by MIT Press


|Dale W. Jorgenson's contributions to consumer and welfare economics collected in these volumes represent a very impressive achievement in the way they combine economic theory, theoretical and applied econometrics, statistics, and empirical work with actual macro and micro data. His work certainly has become a considerable source of inspiration to economists and econometricians working in these areas, and I am sure they will inspire future generations as well.| -- Erik Biø rn, Professor of Economics, University of Oslo This volume presents a new approach to econometric modeling of aggregate consumer behavior. The approach has successfully extricated demand modeling from the highly restrictive framework provided for more than half a century by the model of a representative consumer. Like the representative consumer model that preceded it, the new approach rests on the theory of individual behavior. The centerpiece of the volume is an econometric model of demand obtained by aggregating over a population of utility-maximizing consumers. The essential innovation is to incorporate attributes of consumers reflecting heterogeneous preferences into a model of aggregate behavior. Heterogeneity is captured by allowing preferences to depend on the demographic characteristics of households. This model unifies the two principal streams of empirical research on consumer behavior by pooling aggregate time series with cross-section data for individual households and provides a new point of departure for future research.

This Book was ranked at 16 by Google Books for keyword Consumer Behavior.

Book ID of Welfare: Aggregate consumer behavior's Books is dQNMdIsFjrkC, Book which was written byDale Weldeau Jorgensonhave ETAG "Rlrc/udc0sc"

Book which was published by MIT Press since 1997 have ISBNs, ISBN 13 Code is 9780262100625 and ISBN 10 Code is 0262100622

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