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Welfare. In 2 vol. Vol. 1. Aggregate consumer behavior

Опубликовано на портале: 28-10-2003
Cambridge, Mass: MIT Press, 1997, V. 1 , 540 с.
Тематический раздел:
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.

    List of Tables

    Preface

    List of Sources

  1. Transcendental Logarithmic Utility Functions
    L.R. Christensen, D.W. Jorgenson, and L.J. Lau
      1.1 Introduction
      1.2 Transcendental Logarithmic Utility Functions
      1.3 Testing the theory of Demand
      1.4 Empirical Results
      1.5 Summary and Conclusion
  2. The Structure of Consumer Preferences
    D.W. Jorgenson and L.J. Lau
      2.1 Introduction
      2.2 Transcendental Logarithmic Utility functions with Time-Varying Preferences
      2.3 Preference Structure
      2.4 Empirical Results
  3. Statistical Tests of the Theory of Consumer Behavior
    Dale W. Jorgenson and L.J. Lau
      3.1 Introduction
      3.2 Integrability
      3.3 Additive Demand Functions
      3.4 Rotterdam Demand Functions
      3.5 Conclusion
  4. The Integrability of Consumer Demand Functions
    Dale W. Jorgenson and L.J. Lau
      4.1 Introduction
      4.2 Integrability
      4.3 Homogeneity and Summability
      4.4 Symmetry
      4.5 Nonnegativity and Monotonicity
      4.6 Conclusion
      Appendix 4A
      Appendix 4B
      Appendix 4C
  5. Testing the Integrability of consumer Demand Functions, United States, 1947-1971
    Dale W. Jorgenson and L.J. Lau
      5.1 Introduction
      5.2 Integrability
      5.3 Empirical Tests
      5.4 Conclusion
  6. The Structure of Consumer Preferences, Federal Republic of Germany, 1950-1973
    K. Conrad and Dale W. Jorgenson
      6.1 Introduction
      6.2 Transcendental Logarithmic Utility Functions with Time-Varying Preferences
      6.3 Preference Structure
      6.4 Statistical Tests
      6.5 Empirical Results
      6.6 Summary
  7. Testing the Integrability of Consumer Demand Functions, Federal Republic of Germany, 1950-1973
    K. Conrad and Dale W. Jorgenson
      7.1 Introduction
      7.2 Direct and Indirect Systems
      7.3 Integrability
      7.4 Estimation and Testing
      7.5 Conclusion
      Appendix
  8. Transcendental Logarithmic Model of aggregate Consumer Behavior
    Dale W. Jorgenson, L.J. Lau, and T.M. Stoker
      8.1 Introduction
      8.2 Exact Aggregation for Consumers with Identical Preferences
      8.3 Exact Aggregation with Differences in Individual Preferences
      8.4 Demands as functions of Prices
      8.5 Translog Model of Consumer behavior
      8.6 Econometrics of the Translog Model
      8.7 Aggregate Consumer Behavior in the United States, 1958-1974
      Appendix 8.1 Cross-Section Estimation Results
      Appendix 8.2 Aggregate Instrumental Variables
  9. Aggregate Consumer Expenditures on Energy
    Dale W. Jorgenson and T.M. Stoker
      9.I Aggregate Consumer Expenditures on Energy
      9.I.1 Introduction
      9.I.2 Translog Model of Consumer Behavior
      9.I.3 Econometrics of aggregate Energy Expenditures
      9.II Individual Energy Expenditures
      9.II.1 Introduction
      9.II.2 Consumer Expenditure Survey of 1960/61
      9.II.3 Consumer Expenditure Survey of 1972
      9.II.4 Separability of transportation and household Operations
      9.II.5 Lifestyle and Household Energy Use Survey of 1973
      9.II.6 Lifestyle and Household Energy Use Survey of 1975
      9.II.7 Summary and Conclusion
      Appendix
      9.III Aggregate Energy Expenditures
      9.III.1 Introduction
      9.III.2 Pooled Estimation Results
      9.III.3 Consumer Expenditure Surveys
      9.III.4 Separability of Transportation and Household Operations
      9.III.5 Tests of Structural Change
      9.III.6 Summary and Conclusion
      Appendix
  10. Nonlinear Three-Stage Least Squares Pooling of Cross-Section and Time-Series Observations
    Dale W. Jorgenson and T.M. Stoker
      10.1 Introduction
      10.2 Stochastic Specification
      10.3 The nonlinear Three-Stage Least Squares Estimator
      10.4 Parametric Hypothesis Tests
      10.5 Estimation Subject to Inequality Restrictions
      10.6 Illustration: Residential Demand for Energy
      10.7 Conclusion
      Appendix 10.A Technical Assumptions
      Appendix 10.B Instrumental Variables, 1958-1978
  11. Two-Stage Budgeting and Consumer Demand for Energy
    Dale W. Jorgenson, D.T. Slesnick, and T.M. Stoker
      11.1 Introduction
      11.2 Translog Model of Consumer Behaviors
      11.3 Econometrics of Exact Aggregation
      11.4 Empirical Results
      11.A Appendix: Instrumental Variables, 1958-1978

    References

    Index


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