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Consumer Demand in the United States

Prices, Income, and Consumption Behavior

  • Lester D. Taylor
  • H.S. Houthakker

Table of contents

  1. Front Matter
    Pages i-xxiv
  2. Preliminaries

    1. Front Matter
      Pages 7-7
    2. Lester D. Taylor
      Pages 1-5
    3. Lester D. Taylor
      Pages 9-57
  3. Analyses of Data from BLS Consumer Expenditure Surveys

  4. Analysis of Time-Series Data from National Income and Product Accounts

    1. Front Matter
      Pages 225-225
    2. Lester D. Taylor
      Pages 245-266
    3. Lester D. Taylor
      Pages 267-358
    4. Lester D. Taylor
      Pages 359-387
    5. Lester D. Taylor
      Pages 395-414
    6. Lester D. Taylor
      Pages 415-423
  5. Miscellaneous Studies of Income Distribution and Weak Axiom of Revealed Preference

    1. Front Matter
      Pages 425-425
    2. Lester D. Taylor, Hendrik S. Houthakker*
      Pages 427-444
    3. Lester D. Taylor
      Pages 445-462
    4. Lester D. Taylor
      Pages 463-501
    5. Lester D. Taylor
      Pages 503-506
  6. Back Matter
    Pages 507-522

About this book

Introduction

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.

Keywords

BLS Consumer Demand Demand Theory Distribution of Wealth Houthakker-Taylor Models Income Elasticity Neuroscience Personal Consumption Personal Saving Price Elasticity communication consumption

Authors and affiliations

  • Lester D. Taylor
    • 1
  • H.S. Houthakker
    • 2
  1. 1.Dept. EconomicsUniversity of ArizonaTucsonU.S.A.
  2. 2.Dept. EconomicsHarvard UniversityCambridgeU.S.A.

Bibliographic information