Microeconometric Models of Consumer Demand
Title | Microeconometric Models of Consumer Demand PDF eBook |
Author | Jean-Pierre H. Dubé |
Publisher | |
Pages | 0 |
Release | 2018 |
Genre | |
ISBN |
A long literature has developed econometric methods for estimating individual-consumer-level demand systems that accommodate corner solutions. The increasing access to transaction-level customer purchase histories across a wide array of markets and industries vastly expands the prospect for improved customer insight, more targeted marketing policies and individualized welfare analysis. A descriptive analysis of a broad, CPG database indicates that most consumer brand categories offer a wide variety of differentiated offerings for consumers. However, consumers typically purchase only a limited scope of the available variety, leading to a very high incidence of corner solutions which poses computational challenges for demand modeling. Historically, these computational challenges have limited the applicability of microeconometric models of demand in practice, except for the special case of pure discrete choice (e.g., logit and probit). Recent advances in computing power along with methods for numerical and simulation-based integration have been instrumental in facilitating the broader use of these models in practice. We survey herein the extant literature on the neoclassical derivation of microeconometric demand models that allow for corner solutions and differentiated products. We summarize the key developments in the literature, including the role of consumers' price expectations, and point towards opportunities for future research.
Microeconometric Models of Consumer and Producer Demand with Limited Dependent Variables
Title | Microeconometric Models of Consumer and Producer Demand with Limited Dependent Variables PDF eBook |
Author | Lung-Fei Lee |
Publisher | |
Pages | 39 |
Release | 1984 |
Genre | |
ISBN |
A Microeconometric Model of Intertemporal Substitution and Consumer Demand
Title | A Microeconometric Model of Intertemporal Substitution and Consumer Demand PDF eBook |
Author | Richard Blundell |
Publisher | |
Pages | 35 |
Release | 1989 |
Genre | Consumer behavior |
ISBN | 9780902992856 |
Essays on Micro-econometric Models of Consumer Demand and the Labour Market
Title | Essays on Micro-econometric Models of Consumer Demand and the Labour Market PDF eBook |
Author | van Soest (H.A.) |
Publisher | |
Pages | 204 |
Release | 1990 |
Genre | |
ISBN |
Essays on Micro-econometric Models of Consumer Demand and the Labour Market
Title | Essays on Micro-econometric Models of Consumer Demand and the Labour Market PDF eBook |
Author | Arthur Herman Otto van Soest |
Publisher | |
Pages | 204 |
Release | 1990 |
Genre | |
ISBN |
Studies in Consumer Demand — Econometric Methods Applied to Market Data
Title | Studies in Consumer Demand — Econometric Methods Applied to Market Data PDF eBook |
Author | Jeffrey A. Dubin |
Publisher | Springer Science & Business Media |
Pages | 306 |
Release | 2012-12-06 |
Genre | Business & Economics |
ISBN | 1461556651 |
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.
Models in Microeconomic Theory
Title | Models in Microeconomic Theory PDF eBook |
Author | Martin J. Osborne |
Publisher | Open Book Publishers |
Pages | 382 |
Release | 2023-06-26 |
Genre | Business & Economics |
ISBN | 1805111264 |
Models in Microeconomic Theory covers basic models in current microeconomic theory. Part I (Chapters 1-7) presents models of an economic agent, discussing abstract models of preferences, choice, and decision making under uncertainty, before turning to models of the consumer, the producer, and monopoly. Part II (Chapters 8-14) introduces the concept of equilibrium, beginning, unconventionally, with the models of the jungle and an economy with indivisible goods, and continuing with models of an exchange economy, equilibrium with rational expectations, and an economy with asymmetric information. Part III (Chapters 15-16) provides an introduction to game theory, covering strategic and extensive games and the concepts of Nash equilibrium and subgame perfect equilibrium. Part IV (Chapters 17-20) gives a taste of the topics of mechanism design, matching, the axiomatic analysis of economic systems, and social choice. The book focuses on the concepts of model and equilibrium. It states models and results precisely, and provides proofs for all results. It uses only elementary mathematics (with almost no calculus), although many of the proofs involve sustained logical arguments. It includes about 150 exercises. With its formal but accessible style, this textbook is designed for undergraduate students of microeconomics at intermediate and advanced levels.