Search results for "Econometric"
showing 10 items of 3780 documents
Availability and consumption of alcoholic beverages: evidence from Finland
2009
The study examines the consumption of alcoholic beverages in Finland over the period 1960 to 2004. Consumption is explained by its own real price, relative prices, expenditure and variables measuring the availability of alcohol. The empirical analysis utilizes information on linkages across different beverages and uses co-integration techniques. The study finds that changes in the availability of alcohol, typically related to institutional changes, have played an important role in determining consumption, especially of beer.
Sensitivity analysis of consumption cycles
2018
We study the special case of a nonlinear stochastic consumption model taking the form of a 2-dimensional, non-invertible map with an additive stochastic component. Applying the concept of the stochastic sensitivity function and the related technique of confidence domains, we establish the conditions under which the system's complex consumption attractor is likely to become observable. It is shown that the level of noise intensities beyond which the complex consumption attractor is likely to be observed depends on the weight given to past consumption in an individual's preference adjustment.
Banking Competition, Housing Prices and Macroeconomic Stability
2012
We develop a dynamic general equilibrium model with an imperfectly competitive bank-loans market and collateral constraints that tie investors credit capacity to the value of their real estate holdings. Banks set optimal lending rates taking into account the effects of their price policies on their market share and on the volume of funds demanded by each customer. Lending margins have a significant effect on aggregate variables. Over the long run, fostering banking competition increases total consumption and output by triggering a reallocation of available collateral towards investors. However, as regards the short-run dynamics, we find that most macroeconomic variables are more responsive …
The Impact of Trade Liberalisation on Water Use: A Computable General Equilibrium Analysis
2008
Water is scarce in many countries. One instrument to improve the allocation of a scarce resource is (efficient) pricing or taxation. However, water is implicitly traded on international markets, particularly through food and textiles, so that impacts of water taxes cannot be studied in isolation, but require an analysis of international trade implications. We include water as a production factor in a multi-region, multi-sector computable general equilibrium model (GTAP), to assess a series of water tax policies. We find that water taxes reduce water use, and lead to shifts in production, consumption, and international trade patterns. Countries that do not levy water taxes are nonetheless af…
Consumption patterns, development and growth: Adam Smith, David Ricardo and Thomas Robert Malthus
2003
In this paper we combine the classical analysis of luxury consumption with the classical theories of development and growth. We also focus on the role played, within classical economics, by institutional factors such as the structure of property rights and contractual arrangements in determining consumption patterns and investment in agriculture. In particular, we show that Ricardo's and Malthus' different views on the role of consumption expenditure in promoting growth depend on Ricardo's acceptance (Malthus' refusal) of Say's law of markets and on Ricardo's exclusion (Malthus' inclusion) of a non-commodity option such as leisure from (in) the range of available consumption alternatives.
A network model for the short-term prediction of the evolution of cocaine consumption in Spain
2010
Cocaine consumption is a social problem with acute consequences and its dependency can be regarded as a health concern of social transmission. This fact leads us to develop the idea that its transmission dynamics can be studied using epidemiological mathematical models. Under this point of view, in this paper we propose a network model to study the short-term evolution of the cocaine consumer subpopulations. The model parameters are obtained from data source and from an analogue continuous model. Sensitivity of the model parameters is studied. The parameters are associated with prevention and treatment policies and the sensitivity study gives us information about which parameters have more …
Standard of living, consumption norms, and perceived necessities
2014
Purpose– The purpose of this paper is to focus on the material conditions of peoples’ daily lives by investigating changes in the self-perceived necessities of ten technology- and leisure-related consumer goods and services between 1999 and 2009. The authors also look at the socio-demographic predictors of the perceptions and the development of the ownership of the goods under investigation.Design/methodology/approach– The data are derived from surveys “Finland – Consumption and way of life” 1999 (N=2,417), 2004 (N=3,574), and 2009 (N=1,202). The statistical analysis methods include ANOVA and descriptive statistics. Also official statistics are used.Findings– Many technological goods, in pa…
Intertemporal Substitution in the Spanish Economy: Evidence from Regional Data*
2018
This paper studies the intertemporal substitution in consumption and leisure for the Spanish economy by estimating the first‐order conditions of an individual optimization model with regional and aggregate data. While first‐order conditions determining intertemporal substitution in consumption show a good econometric fit, and the value we obtain for the intertemporal elasticity of substitution is similar to previously available results, the econometric fit of the intertemporal condition in leisure indicates that the behaviour of the Spanish labour supply over the cycle is more complex than can be explained by the canonical intertemporal choice model.
Search, Nash bargaining and rule-of-thumb consumers
2011
Abstract This paper analyses the effects of introducing two typical Keynesian features, namely rule-of-thumb (RoT) consumers and consumption habits, into a standard labour market search model. RoT consumers use the margin that hours and wage negotiation provides them to improve their lifetime utility, by narrowing the gap in utility with respect to Ricardian consumers. This margin for intertemporal optimisation has not been studied yet, because this class of restricted agents has been mainly used in models with no equilibrium unemployment. Our approach allows for a deeper study of the effects of shocks on vacancies, unemployment, hours, wages and how they interact. As habits increase, RoT c…
Piero Sraffa on utility and the 'subjective method' in the 1920s: A tentative appraisal of Sraffa's unpublished manuscripts
2001
The paper reconstructs Sraffa's assessment of utility-based and individualistic explanations of demand in Marshallian economics in the light of some fresh evidence provided by Sraffa's unpublished manuscripts of the 1920s. It is shown that Sraffa criticised the standard Marshallian explanation of individual consumption choices, emphasised the independent measurement requirement in explanation, lacked enthusiasm for the heuristic potentialities of the 'subjective method' in economic theorising and strove for an analysis of the phenomena of interdependence in the sphere of production as well as in the sphere of consumption.