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Measuring Consumer Preferences and Estimating Demand Systems
TL;DR: A survey of the state-of-the-art in consumer demand analysis can be found in this article, where the authors review advances in a number of related areas, in the spirit of the recent survey paper by Barnett and Serletis (2008).
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Abstract: This chapter is an up-to-date survey of the state-of-the art in consumer demand analysis. We review (and evaluate) advances in a number of related areas, in the spirit of the recent survey paper by Barnett and Serletis (2008). In doing so, we only deal with consumer choice in a static framework, ignoring a number of important issues, such as,
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References
A New Approach to Consumer Theory
TL;DR: In this article, the authors extend activity analysis into consumption theory and assume that goods possess, or give rise to, multiple characteristics in fixed proportions and that it is these characteristics, not goods themselves, on which the consumer's preferences are exercised.
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An Almost Ideal Demand System
TL;DR: The Almost Ideal Demand System (AIDS) as mentioned in this paper is a first-order approximation of the Rotterdam and translog models, which has been used to test the homogeneity and symmetry restrictions of demand analysis.
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Cost and production functions
Ronald William Shephard
- 01 Jan 1953
TL;DR: In this paper, the authors present a mathematical interpretation of the duality between cost and production function, and present a heuristic principle of minimum costs and a Cobb-Douglas production function.
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Quadratic Engel Curves and Consumer Demand
TL;DR: In this paper, a model of consumer demand that is consistent with the observed expenditure patterns of individual consumers in a long time series of expenditure surveys and is also able to provide a detailed welfare analysis of shifts in relative prices is presented.
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