Propensity to spending of an average consumer over a brief period

  • Roberto De Luca
  • Marco Di Mauro
  • Angelo Falzarano
  • Adele Naddeo
Regular Article

Abstract

Understanding consumption dynamics and its impact on the whole economy and welfare within the present economic crisis is not an easy task. Indeed the level of consumer demand for different goods varies with the prices, consumer incomes and demographic factors. Furthermore crisis may trigger different behaviors which result in distortions and amplification effects. In the present work we propose a simple model to quantitatively describe the time evolution over a brief period of the amount of money an average consumer decides to spend, depending on his/her available budget. A simple hydrodynamical analog of the model is discussed. Finally, perspectives of this work are briefly outlined.

Keywords

Statistical and Nonlinear Physics 

References

  1. 1.
    P. Slovic, Science 236, 280 (1987)ADSCrossRefGoogle Scholar
  2. 2.
    R.E. Kasperson, O. Renn, P. Slovic, H.S. Brown, J. Emel, R. Goble, J.X. Kasperson, S. Ratick, Risk Analysis 8, 177 (1988)CrossRefGoogle Scholar
  3. 3.
    C. Castellano, S. Fortunato, V. Loreto, Rev. Mod. Phys. 81, 591 (2009)ADSCrossRefGoogle Scholar
  4. 4.
    S. Bikhchandani, D. Hirshleifer, I. Welch, J. Political Economy 100, 992 (1992)CrossRefGoogle Scholar
  5. 5.
    B. Golub, M.O. Jackson, Am. Econ. J. Microecon. 2, 112 (2010)CrossRefGoogle Scholar
  6. 6.
    G. Livan, M. Marsili, Entropy 15, 3031 (2013)ADSMathSciNetCrossRefGoogle Scholar
  7. 7.
    P. Nelson, J. Political Economy 78, 311 (1970)CrossRefGoogle Scholar
  8. 8.
    E.S. Andersen, The evolution of credence goods: a transaction approach to product specification quality, MAPP working paper No. 21, 1994.Google Scholar
  9. 9.
    A. Deaton, Understanding Consumption (Oxford University Press, Oxford, 1992)Google Scholar
  10. 10.
    A.P. Kirman, J. Econ. Persp. 6, 117 (1992)CrossRefGoogle Scholar
  11. 11.
    A. De Martino, M. Marsili, J. Phys. A 39, R465 (2006)ADSMathSciNetCrossRefGoogle Scholar
  12. 12.
    A. De Martino, M. Marsili, I. Péres Castillo, Macroecon. Dyn. 11, 34 (2007)CrossRefGoogle Scholar
  13. 13.
    M. Bardoscia, G. Livan, M. Marsili, arXiv:1511.09203 [q-fin.EC] (2016)
  14. 14.
    J.Y. Campbell, Econometrica 55, 1249 (1987)CrossRefGoogle Scholar
  15. 15.
    R. De Luca, M. Di Mauro, A. Falzarano, A. Naddeo, work in progressGoogle Scholar
  16. 16.
    M. Blasone, F. Dell’Anno, R. De Luca, O. Faella, O. Fiore, A. Saggese, Eur. J. Phys. 36, 035017 (2015)CrossRefGoogle Scholar
  17. 17.
    T. Veblen, The theory of the leisure class (Dover Publications Inc., New York, 1994)Google Scholar

Copyright information

© EDP Sciences, SIF, Springer-Verlag Berlin Heidelberg 2016

Authors and Affiliations

  • Roberto De Luca
    • 1
  • Marco Di Mauro
    • 1
  • Angelo Falzarano
    • 2
  • Adele Naddeo
    • 3
  1. 1.Dipartimento di Fisica E.R.Caianiello, Università di SalernoFiscianoItaly
  2. 2.Dipartimento di Scienze Economiche e Statistiche, Università di Napoli Federico IINapoliItaly
  3. 3.INFN Sezione di NapoliNapoliItaly

Personalised recommendations