The idea of duality has proved to be a powerful device in modern work on the economics of consumer behaviour. The authors have used duality to provide an integrated and accessible treatment of this subject. The book focuses on applications of the theory to welfare economics and econometric analysis. The book begins with four chapters that provide a self-contained presentation of the basic theory and its use in applied econometrics. These chapters also include elementary extensions of the theory to labour supply, durable goods, the consumption function, and rationing. The rest of the book is divided into three parts. In the first of these the authors discuss restrictions on choice and aggregation problems. The next part consists of chapters on consumer index numbers; household characteristics, demand, and household welfare comparisons; and social welfare and inequality. The last part extends the coverage of consumer behaviour to include the quality of goods and household production theory, labour supply and human capital theory, the consumption function and intertemporal choice, the demand for durable goods, and choice under uncertainty.
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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.
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10 of 10 people found the following review helpful:
5.0 out of 5 stars
Still a great textbook,
This review is from: Economics and Consumer Behavior (Paperback)
It is true that this book is now a bit dated. However, first, much of the foundations of microeconomic theory has not changed since the 80s and, second, this book contains a great deal that more "modern" micro textbooks (such as Mas-Colell, Whinston, and Green MWG) do not even mention. In particular, if your interest lies mostly in APPLIED work, this book is, in my opinion, superior to MWG. The chapters on demand are superb, and not surprisingly you still see them cited in hundreds of recent papers. I stress the fact that here you will not only learn about the building blocks of consumer theory, but you will also see actual APPLICATIONS of the estimation of demand systems (including the now famous Almost Ideal Demand System "invented" by the authors themselves). This textbook is invaluable for those who want to have a rigorous primer on demand, and demand estimation. Also excellent are the treatment of non-linear budget constraints, and price indexes. The book is also VERY well written, and intuition is almost always provided. On the minus side, game theory and contract theory are not covered at all, but these are topics that are covered well in many other books (including MWG).
6 of 6 people found the following review helpful:
4.0 out of 5 stars
A useful text,
By A Customer
This review is from: Economics and Consumer Behavior (Paperback)
Even if somewhat dated, this text still gives a clear and pertinent exposition of consumer behaviour theory. It is an unavoidable introduction to further literature on the topic, such as Deaton's work.
0 of 1 people found the following review helpful:
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Inside This Book
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First Sentence:
Consumer behavior is frequently presented in terms of preferences, on the one hand, and possibilities on the other. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
linear characteristics model, repackaging model, equalizing net advantage, hedonic price schedule, exact linear aggregation, implicit separability, group price indices, conditional cost function, reference indifference curve, nonlinear aggregation, quasi homotheticity, household composition effects, general equivalence scale, past consumption levels, household production theory, postschool investments, generalized linearity, linear budget constraint, linear expenditure system, present value maximization, total expenditure elasticities, simple neoclassical model, maximum attainable utility, intertemporal planning, intertemporal separability Key Phrases - Capitalized Phrases (CAPs): (learn more)
United States, Consider Figure New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Consumer behavior is frequently presented in terms of preferences, on the one hand, and possibilities on the other. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
linear characteristics model, repackaging model, equalizing net advantage, hedonic price schedule, exact linear aggregation, implicit separability, group price indices, conditional cost function, reference indifference curve, nonlinear aggregation, quasi homotheticity, household composition effects, general equivalence scale, past consumption levels, household production theory, postschool investments, generalized linearity, linear budget constraint, linear expenditure system, present value maximization, total expenditure elasticities, simple neoclassical model, maximum attainable utility, intertemporal planning, intertemporal separability Key Phrases - Capitalized Phrases (CAPs): (learn more)
United States, Consider Figure New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Citations (learn more)
This book cites 76
books:
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97
books
cite this book:
See all 97 books citing this book
- Income Maintenance and Labor Supply by Glen G. Cain in Back Matter (1), and Back Matter (2)
- Theory of Interest (Reprints of economic classics) by Irving Fisher in Back Matter (1), and Back Matter (2)
- Microeconomic Foundations of Employment and Inflation Theory by G. C. Archibald in Back Matter
- A Revision of Demand Theory by J. R. Hicks in Back Matter
- Demand for Health by M. Grossman in Back Matter
See all 76 books this book cites
- Market Demand/Dairy Products-92 by S. R. Johnson on page 101, page 119, and page 138
- Ethics out of Economics by John Broome in Back Matter (1), Back Matter (2), and Back Matter (3)
- The Economic World View: Studies in the Ontology of Economics by Uskali Mäki on page 21, and page 30
- IMFstaffpapers Volume 50 Number 1 2003 (International Monetary Fund) by various in Back Matter (1), and Back Matter (2)
- Advances in Household Economics, Consumer Behaviour And Economic Policy by Van Hoa Tran on page 103, and page 130
See all 97 books citing this book
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