Download or read book Quasi Rational Consumer Demand written by John Fountain and published by . This book was released on 1992 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Approximately Rational Consumer Demand written by David Jerison and published by . This book was released on 1991 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Quasi Rational Economics written by Richard H. Thaler and published by Russell Sage Foundation. This book was released on 1994-01-04 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: Standard economics theory is built on the assumption that human beings act rationally in their own self interest. But if rationality is such a reliable factor, why do economic models so often fail to predict market behavior accurately? According to Richard Thaler, the shortcomings of the standard approach arise from its failure to take into account systematic mental biases that color all human judgments and decisions.
Download or read book Handbook of Behavioral Industrial Organization written by Victor J. Tremblay and published by Edward Elgar Publishing. This book was released on 2018 with total page 483 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of Behavioral Industrial Organization integrates behavioral economics into industrial organization. Chapters cover concepts such as relative thinking, salience, shrouded attributes, cognitive dissonance, motivated reasoning, confirmation bias, overconfidence, status quo bias, social cooperation and identity. Additional chapters consider industry issues, such as sports and gambling industries, neuroeconomic studies of brands and advertising, and behavioral antitrust law. The Handbook features a wide array of methods (literature surveys, experimental and econometric research, and theoretical modelling), facilitating accessibility to a wide audience.
Download or read book Consumer Demand in the United States written by Lester D. Taylor and published by Springer Science & Business Media. This book was released on 2009-11-25 with total page 530 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Economics and Consumer Behavior written by Angus Deaton and published by Cambridge University Press. This book was released on 1980-05-30 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt: For advanced courses in economic analysis, this book presents the economic theory of consumer behavior, focusing on the applications of the theory to welfare economies and econometric analysis.
Download or read book An Inquiry Into the Nature and Causes of the Wealth of Nations written by Adam Smith and published by . This book was released on 1822 with total page 522 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Rational Consumer written by Robert Ernest Hall and published by MIT Press. This book was released on 1990 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Rational Consumer brings together eight articles that represent key points in the development of Robert Hall's ideas on consumption over the past two decades. Since the late 1960s, Robert Hall's research has had a significant impact on the macroeconomic study of consumer behavior. The Rational Consumer brings together eight articles that represent key points in the development of Hall's ideas on consumption over the past two decades. In his introduction, Hall puts this work into perspective, tying together his ideas and pointing to how consumer behavior should work in the future given what he has discovered.Working within the standard intertemporal models of consumption - the overlapping generations model and the infinite lifetime model - Hall's contributions to methodology have been especially important. Particularly noteworthy was his challenge to the prevalent model in which current consumption was seen as deriving from expected future income. Hall argued that consumption was, instead, based upon the actual present discounted value of future income.ContentsIntroduction - The Allocation of Wealth among the Generations of a Family that Lasts Forever - A Theory of Inheritance - The Dynamic Effects of Fiscal Policy in an Economy with Foresight - Consumption Taxes versus Income Taxes: Implications for Economic Growth - Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence - The Sensitivity of Consumption to Transitory Income: Estimates from Panel Data on Households (with Frederic S. Mishkin) - Intertemporal Substitution in Consumption - Survey of Research on the Random Walk of Consumption - The Role of Consumption in Economic Fluctuations
Download or read book Predictably Rational written by Richard B. McKenzie and published by Springer Science & Business Media. This book was released on 2009-10-21 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mainstream economists everywhere exhibit an "irrational passion for dispassionate rationality." Behavioral economists, and long-time critic of mainstream economics suggests that people in mainstrean economic models "can think like Albert Einstein, store as much memory as IBM’s Big Blue, and exercise the will power of Mahatma Gandhi," suggesting that such a view of real world modern homo sapiens is simply wrongheaded. Indeed, Thaler and other behavioral economists and psychology have documented a variety of ways in which real-world people fall far short of mainstream economists' idealized economic actor, perfectly rational homo economicus. Behavioral economist Daniel Ariely has concluded that real-world people not only exhibit an array of decision-making frailties and biases, they are "predictably irrational," a position now shared by so many behavioral economists, psychologists, sociologists, and evolutionary biologists that a defense of the core rationality premise of modedrn economics is demanded.
Download or read book Decision Making written by David E. Bell and published by Cambridge University Press. This book was released on 1988-10-28 with total page 640 pages. Available in PDF, EPUB and Kindle. Book excerpt: A compilation of different approaches--normative, descriptive,and prescriptive--develops this integrated analysis of decision-making that emphasizes the contributions of various disciplinary interests.
Download or read book Economics Letters Volume 55 No 1 15 August 1997 written by Eric Maskin,Editor and published by . This book was released on 1997 with total page 880 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Myth of the Ethical Consumer Hardback with DVD written by Timothy M. Devinney and published by Cambridge University Press. This book was released on 2010-07-29 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt: A no-holds-barred examination of 'ethical' consumerism.
Download or read book Bounded Rationality and Industrial Organization written by Ran Spiegler and published by Oxford University Press. This book was released on 2011-02-18 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conventional economic theory assumes that consumers are fully rational, that they have well-defined preferences and easily understand the market environment. Yet, in fact, consumers may have inconsistent, context-dependent preferences or simply not enough brain-power to evaluate and compare complicated products. Thus the standard model of consumer behavior-which depends on an ideal market in which consumers are boundlessly rational-is called into question. While behavioral economists have for some time confirmed and characterized these inconsistencies, the logical next step is to examine the implications they have in markets. Grounded in key observations in consumer psychology, Bounded Rationality and Industrial Organization develops non-standard models of "boundedly rational" consumer behavior and embeds them into familiar models of markets. It then rigorously analyses each model in the tradition of microeconomic theory, leading to a richer, more realistic picture of consumer behavior. Ran Spiegler analyses phenomena such as exploitative price plans in the credit market, complexity of financial products and other obfuscation practices, consumer antagonism to unexpected price increases, and the role of default options in consumer decision making. Spiegler unifies the relevant literature into three main strands: limited ability to anticipate and control future choices, limited ability to understand complex market environments, and sensitivity to reference points. Although the challenge of enriching the psychology of decision makers in economic models has been at the frontier of theoretical research in the last decade, there has been no graduate-level, theory-oriented textbook to cover developments in the last 10-15 years. Thus, Bounded Rationality and Industrial Organization offers a welcome and crucial new understanding of market behavior-it challenges conventional wisdom in ways that are interesting and economically significant, and which in the end effect the well-being of all market participants.
Download or read book The American Economic Review written by and published by . This book was released on 2003 with total page 880 pages. Available in PDF, EPUB and Kindle. Book excerpt: Includes papers and proceedings of the annual meeting of the American Economic Association. Covers all areas of economic research.
Download or read book Collective Household Consumption Behavior written by Laurens Cherchye and published by Foundations & Trends. This book was released on 2012-03 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: Collective Household Consumption Behavior: Revealed Preference Analysis presents a nonparametric `revealed preference' methodology for analyzing collective consumption behavior in practical applications, while possibly accounting for externalities, public consumption and the use of assignable quantity information. Collective Household Consumption Behavior: Revealed Preference Analysis considers two types of collective models: The general collective model considers general preferences of the individual household members, which allow for externalities and public consumption within the household. The special collective models that do not allow for consumption externalities. After the introduction, section 2 sets the stage by introducing the revealed preference characterizations of the unitary model. Section 3 presents a collective model that allows for general individual preferences and discusses its revealed preference characterization. Sections 4 and 5 show how to bring this theoretical characterization to observational data. More specifically, Section 4 introduces the mixed integer programming characterizations for special collective models that impose restrictions on the household members' preferences. Section 5 does the same for the general collective model. Throughout Section 2 to Section 5, the authors illustrate the most relevant concepts by means of numerical examples. In Section 6 we subsequently illustrate our main results for data drawn from the Russian Longitudinal Monitoring Survey.
Download or read book The Global Economic Crisis written by Emiliano Brancaccio and published by Routledge. This book was released on 2013-03-01 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why did the economists of the so-called "mainstream" seem to fail to foresee the global economic crisis that exploded in 2008? And why do they appear to have difficulty in putting forward an interpretation of it that is consistent with the theoretical foundations of their models? These two questions have echoed insistently since the outbreak of the crisis, not only in academic circles but also in the mass media, and appear to reflect increasingly widespread dissatisfaction with the dominant paradigm of economic theory. Many believe that the global recession now underway may constitute an historic watershed for the evolution of economics and therefore that an authentic change of paradigm is called for, rather than only minor adjustments to the dominant approach. Since the start of the crisis, there has indeed been a profusion of contributions from alternative areas of economic study, and in particular from those adopting a critical stance with respect to mainstream economic theory. This collection puts forward promising reinterpretations of the primary schools of heterodox political economy, stringent critiques of the conventional readings of the recession, new schemes of theoretical and empirical analysis of the crisis, and proposals for economic policies alternative to those hitherto adopted. This book contains a selection of some of the most recent contributions to the critique of mainstream economic theory and policy, and discusses the origins and possible evolutions of the current economic crisis. The collection should be of interest to students and researchers focussing on macroeconomics, monetary economics, political economy and financial economics.
Download or read book Consistency Choice and Rationality written by Walter Bossert and published by Harvard University Press. This book was released on 2010-10-15 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Consistency, Choice, and Rationality, economic theorists Walter Bossert and Kotaro Suzumura present a thorough mathematical treatment of Suzumura consistency, an alternative to established coherence properties such as transitivity, quasi-transitivity, or acyclicity. Applications in individual and social choice theory, fields important not only to economics but also to philosophy and political science, are discussed. Specifically, the authors explore topics such as rational choice and revealed preference theory, and collective decision making in an atemporal framework as well as in an intergenerational setting.
