The idea of duality has proved to be a powerful device in modern work on the economics of consumer behaviour. The authors have used duality to provide an integrated and accessible treatment of this subject. The book focuses on applications of the theory to welfare economics and econometric analysis. The book begins with four chapters that provide a self-contained presentation of the basic theory and its use in applied econometrics. These chapters also include elementary extensions of the theory to labour supply, durable goods, the consumption function, and rationing. The rest of the book is divided into three parts. In the first of these the authors discuss restrictions on choice and aggregation problems. The next part consists of chapters on consumer index numbers; household characteristics, demand, and household welfare comparisons; and social welfare and inequality. The last part extends the coverage of consumer behaviour to include the quality of goods and household production theory, labour supply and human capital theory, the consumption function and intertemporal choice, the demand for durable goods, and choice under uncertainty.
The idea of duality has proved to be a powerful device in modern work on the economics of consumer behaviour. The authors have used duality to provide an integrated and accessible treatment of this subject. The book focuses on applications of the theory to welfare economics and econometric analysis. The book begins with four chapters that provide a self-contained presentation of the basic theory and its use in applied econometrics. These chapters also include elementary extensions of the theory to labour supply, durable goods, the consumption function, and rationing. The rest of the book is divided into three parts. In the first of these the authors discuss restrictions on choice and aggregation problems. The next part consists of chapters on consumer index numbers; household characteristics, demand, and household welfare comparisons; and social welfare and inequality. The last part extends the coverage of consumer behaviour to include the quality of goods and household production theory, labour supply and human capital theory, the consumption function and intertemporal choice, the demand for durable goods, and choice under uncertainty.
List of tables and figures; Preface; Part I. Consumer Demand Analysis: 1. The limits to choice; 2. Preferences and demand; 3. The theory at work; 4. Extensions to the basic model; Part II. Separability and Aggregation: 5. Restrictions on preferences; 6. The theory of market demand; Part III. Welfare and Consumer Behaviour: 7. Consumer index numbers; 8. Household characteristics, demand, and household welfare comparisons; 9. Social welfare and inequality; Part IV. Extensions and Applications: 10. The quality of goods and household production theory; 11. Labor supply; 12. The consumption function and intertemporal choice; 13. The demand for durable goods; 14. Choice under uncertainty; References; List of notation; Name index; Subject index.
The book focuses on applications of the duality theory to welfare economics and econometric analysis.
Angus Deaton is Dwight D. Eisenhower Professor of Economics and International Affairs in the Department of Economics and the Woodrow Wilson School of Public and International Affairs at Princeton University. He is the author of many books, including The Great Escape: Health, Wealth, and the Origins of Inequality (2013). In 2015, he was awarded the Nobel Memorial Prize in Economic Sciences in recognition of his outstanding contribution to the analysis of consumption, poverty and welfare. John Muellbauer is Senior Research Fellow of Nuffield College, Professor of Economics and Senior Fellow of the Institute for New Economic Thinking at the Oxford Martin School, University of Oxford. He is a CEPR Research Fellow and a Fellow of the British Academy, the Econometric Society and the European Economic Association. In addition to his many academic affiliations, he has also been a consultant to the Bank of England, HM Treasury and the UK Department for Communities and Local Government (DCLG).
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