A classic treatise that defined the field of applied demand analysis, Consumer Demand in the United States: Prices, Income, and Consumption Behavior is now fully updated and expanded for a new generation. Consumption expenditures by households in the United States account for about 70% of America’s GDP. The primary focus in this book is on how households adjust these expenditures in response to changes in price and income. Econometric estimates of price and income elasticities are obtained for an exhaustive array of goods and services using data from surveys conducted by the Bureau of Labor Statistics and aggregate consumption expenditures from the National Income and Product Accounts, providing a better understanding of consumer demand. Practical models for forecasting future price and income elasticities are also demonstrated. Fully revised with over a dozen new chapters and appendices, the book revisits the original Houthakker-Taylor models while examining new material as well, such as the use of quantile regression and the stationarity of consumer preference. It also explores the emerging connection between neuroscience and consumer behavior, integrating the economic literature on demand theory with psychology literature. The most comprehensive treatment of the topic to date, this volume will be an essential resource for any researcher, student or professional economist working on consumer behavior or demand theory, as well as investors and policymakers concerned with the impact of economic fluctuations.

Studies in Consumer Demand - Econometric Methods Applied to Market Data contains eight previously unpublished studies of consumer demand. Each study stands on its own as a complete econometric analysis of demand for a well-defined consumer product. The econometric methods range from simple regression techniques applied in the first four chapters, to the use of logit and multinomial logit models used in chapters 5 and 6, to the use of nested logit models in chapters 6 and 7, and finally to the discrete/continuous modeling methods used in chapter 8. Emphasis is on applications rather than econometric theory. In each case, enough detail is provided for the reader to understand the purpose of the analysis, the availability and suitability of data, and the econometric approach to measuring demand.

This important book is by top scholars in supply chain management, revenue management, and e-commerce, all of which are grounded in information technologies and consumer demand research. The book looks at new selling techniques designed to reach the consumer.

The gap between demand for consumer goods and their efficient supply is greater now than at any other time, and is widening as consumers' wants become less predictable, and suppliers struggle to meet them. Quick Response (QR) is both a management paradigm and a methodology that allows supply systems to react quickly to changes while improving their performance. QR aims to help organize a business in the face of problems associated with the vast array of goods and services now to be found in consumer markets. It is particularly relevant to the Fast Moving Consumer Goods (FMCG) and Fashion industries. QR works by compressing the time between product or service design concept and appearance on the retail shelf. It then takes advantage of such recent technologies as Point of Sale (PoS) tracking and Electronic Data Interchange (EDI) to constantly up-date estimates of true consumer demand, and then places intelligent re-orders for goods with flexible manufacturers and their suppliers. One of the features of this book is the demonstration that the range of industries able to benefit from the application of QR methodologies is extremely wide. However, this apparent universality comes with a strong 'health warning'. By placing QR in a broad framework of management thinking, the book allows comparison with other paradigms and their off-shoots - partnerships and alliances, measurement and benchmarking, Information Systems Technology strategies, Total Quality Management, and change management. Belief systems such as World Class Manufacturing, Lean Production, Agile Manufacturing, Virtual Organization, Time-Based Competition, Supply Chain Management (SCM) and chaos theory, are also reviewed and contrasted. The book then quantifies the performance benefits that accrue from the application of QR using examples from the US and European industries as well as computer simulation. Lessons are also drawn from a wide variety of SMEs (Small and Medium sized Enterprises) who are using QR as a strategic tool, as well as those who have not yet adopted it. For the latter, there are recommendations for implementing QR. The future management and research directions required for full exploitation of QR are also explored in a separate section. The most important aspect of this book is that it concentrates on the practical, hands-on management of a supply pipeline as opposed to the generalized theories of Supply Chain Management.

This textbook addresses the core issues facing economists concerning price determination in commodity markets, especially food and agricultural commodities. This book hones in on the conceptual basis of the various relationships, with special emphasis on market interrelationships, both horizontally and vertically. This book covers key concepts such as consumer demand theory; quality, heterogeneous goods, and cross section demand; derived demand, marketing margins, and relationship between output and raw material prices; retail-to-farm demand linkages, imperfect competition, and short-run price determination; dynamic consumer demand; and dynamic models of the firm. What makes this textbook of particular use to students is its focus on bridging the gap between theory and empirical analysis. Going from theory to empirics requires that we have data—time series or cross section—that match the theoretical constructs. Often the data match is not perfect, either by definition or how the data are computed. In addition to problems of matching data with theoretical constructs, students and researchers need to know how to specify, estimate, and interpret results within the context of imperfect and often incomplete data. This textbook uses several data sets to illustrate how one might address problems in real-world settings. Furthermore, with exercises at the end of each chapter, students are able to test themselves on their ability to bring theory to life.

The economic background; Problems of estimation and projection; Demand equations for individual item of expenditure; Discussion of the demand equations and projections; An additive dynamic model; Evidence from the 1960-61 household survey; The dynamics of total consuption and saving.

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.