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Understanding consumption patterns |
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| Authors: | Kenneth W Clements Saroja Selvanathan |
| Institution: | 1. Economic Research Centre, Department of Economics, The University of Western Australia, 6009, Nedlands Perth, Western Australia, Australia 2. School of Commerce and Administration, Griffith University, 6009, Perth, Western Australia, Australia 3. Economic Research Centre, Department of Economics, The University of Western Australia, 6009, Perth, Western Australia, Australia |
| Abstract: | The analysis of consumer demand is one of the major successes of economics as it represents the near perfect marriage of theory and econometrics. This paper reviews, distills and systematises some of the major empirical findings on consumption patterns, concentrating in particular on the more recent (and, in some cases, more controversial) evidence. One of the key conclusions of the paper is that on the basis on new methods, the hypotheses of homogeneity, symmetry and preference independence are not at such wide variance with the data as was once thought to be the case. |
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