Phlips Applied Consumption Analysis

Advanced Textbooks in Economics
2. Auflage 2014
ISBN: 978-1-4832-9870-2
Verlag: Elsevier Science & Techn.
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, Band Volume 5, 338 Seiten, Web PDF

Reihe: Advanced Textbooks in Economics

This volume links the abstract theory of demand with its econometric implementation. Exercises lead the reader from elementary utility maximization to the most sophisticated recent techniques, highlighting the main steps in the historical evolution of the subject. The first part presents a brief discussion of duality and flexible forms, and in particular of Deaton and Muellbauer's ``almost ideal demand system''. Part two includes the author's work on true wage indexes, and on intertemporal utility maximization.

Autoren/Hrsg.

Phlips, L.

Inhaltsverzeichnis

1;Front Cover;1
2;Applied Consumption Analysis;4
3;Copyright Page;5
4;Table of Contents;10
5;Introduction to the series;6
6;Preface;8
7;Preface to the second edition;9
8;Part I: Statics;14
8.1;Chapter 1. Utility functions;16
8.1.1;1.1. Basic axioms on the preference relation;17
8.1.2;1.2. Additional axioms;21
8.1.3;1.3. Ordinalism versus cardinalism;24
8.1.4;1.4. Maximization of the utility function;29
8.1.5;1.5. Indirect utility functions;40
8.2;Chapter II. Demand functions: general restrictions;45
8.2.1;2.1. Homogeneity of degree zero;47
8.2.2;2.2. Adding-up;51
8.2.3;2.3. The Slutsky equation: an intuitive approach;53
8.2.4;2.4. The fundamental matrix equation;60
8.2.5;2.5. Concluding remarks: evidence and significance;66
8.3;Chapter III. Demand functions: particular restrictions;70
8.3.1;3.1. Additive utility functions;70
8.3.2;3.2. Separable utility functions;79
8.3.3;3.3. Conditional demand functions and the implications of separable utility;85
8.3.4;3.4. The structure of preferences: substitution, complementarity and independence;90
8.3.5;3.5. Homothetic utility functions;99
8.4;Chapter IV. Empirical implementations;104
8.4.1;4.1. Economic theory and empirical analysis;105
8.4.2;4.2. Engel curves;115
8.4.3;4.3. Studies using time series;129
8.5;Chapter V. Cost-of-living indices;152
8.5.1;5.1. Statistical price indices;152
8.5.2;5.2. The true cost-of-living index;154
8.5.3;5.3. The true index in the linear expenditure system;155
8.5.4;5.4. The true index and the Laspeyres index;159
8.5.5;5.5. International comparisons of purchasing power;162
9;Part II: Dynamics;166
9.1;Chapter VI. Dynamic single-equation models;168
9.1.1;6.1. Introduction;168
9.1.2;6.2. Distributed lag models;170
9.1.3;6.3. Habit formation and stock adjustment: a generalization to all commodities;181
9.2;Chapter VII. Dynamic demand systems;190
9.2.1;7.1. Dynamic utility functions;190
9.2.2;7.2. Short-run and long-run utility functions;195
9.2.3;7.3. The general restrictions again;199
9.2.4;7.4. Derivation of a dynamic linear system;202
9.2.5;7.5. A dynamic version of the linear expenditure system;204
9.2.6;7.6. A dynamic quadratic model;217
9.3;Chapter VIII. Substitution, complementarity and the utility tree;225
9.3.1;8.1. Introduction;225
9.3.2;8.2. Random shocks;226
9.3.3;8.3. The residual variation and the structure of preferences;228
9.3.4;8.4. Principal components;231
9.3.5;8.5. Some empirical results;234
9.4;Chapter IX. Dynamic cost-of-living indices;237
9.4.1;9.1. Introduction;237
9.4.2;9.2. The Fisher-Shell index;239
9.4.3;9.3. The cardinal index;241
9.4.4;9.4. A dynamic specification;244
9.4.5;9.5. A computational algorithm;247
9.4.6;9.6. Comparing different indices;251
9.4.7;9.7. Final remarks;253
9.5;Chapter X. The demand for leisure and money;255
9.5.1;10.1. Introduction;255
9.5.2;10.2. A demand system including leisure and money;257
9.5.3;10.3. Short-run and long-run effects;261
9.5.4;10.4. Estimation procedures;264
9.5.5;10.5. Empirical results;268
9.5.6;10.6. True indices of real wages;274
9.6;Chapter XI. An intertemporal approach;280
9.6.1;11.1. Ordinal intertemporal utility functions;282
9.6.2;11.2. Impatience and time perspective;286
9.6.3;11.3. Utility functionals;288
9.6.4;11.4. Consistency in intertemporal utility maximization;289
9.6.5;11.5. The wealth constraint;293
9.6.6;11.6. Dynamic demand systems and the maximum principle;296
9.6.7;11.7. Alternative estimation procedures;299
9.6.8;11.8. Decentralization with unchanging tastes;301
9.6.9;11.9. Decentralization with changing tastes;306
9.6.10;11.10. The linear expenditure system with rational habit formation;310
9.6.11;11.11. Observational equivalence with myopic models;311
9.6.12;11.12. Consistency and time preference;316
10;References;322
11;Index;338