Recent Developments in Applied Demand Analysis : Alcohol, Advertising and Global Consumption

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1 The Economic Theory of the Consumer1.1 Introduction -- 1.2 Demand Analysis Without Utility Theory -- 1.3 The Consumer’s Maximization Problem -- 1.4 Specified Forms of the Utility Function -- 1.5 Preference Independence -- 1.6 Specifying the Form of the Indirect Utility Function -- 1.7 Specifying the Form of the Cost Function -- 1.8 Working’s Model -- 1.9 Divisia Indexes -- 1.10 Barten’s Fundamental Matrix Equation -- 1.11 Solving the Matrix Equation -- 1.12 A Differential Demand System -- 1.13 Derivations and Extensions -- 1.14 Examples of Differential Demand Equations -- 1.15 The Rotterdam Model -- 1.16 Simpler Demand Systems -- 1.17 An Even Simpler Demand System -- 1.18 Working’s Model Further Considered -- 1.19 The Behaviour of Implied Income Elasticities -- 1.20 More on Substitutes and Complements -- 1.21 Preference Independence and Block Independence -- 1.22 The Demand for Groups of Goods Under Block Independence -- 1.23 Conditional Demand Equations -- 1.24 Derivations of Conditional Demand Equations -- 1.25 The Conditional Version of the Rotterdam Model -- References -- 2 Empirical Regularities in Consumption Patterns -- 2.1 Introduction -- 2.2 OECD Consumption -- 2.3 Divisia Variances -- 2.4 Engel’s Law -- 2.5 Homogeneity and Symmetry -- 2.6 The Validity of Preference Independence -- 2.7 Are Tastes Constant? -- 2.8 The Frisch Conjecture -- 2.9 Some Further International Consumption Data -- 2.10 The Linear Expenditure System -- 2.11 More on Working’s Model -- 2.12 A World Demand System -- References -- 3 Data-Analytic Techniques for Consumer Economics -- 3.1 Introduction -- 3.2 The Basic Data -- 3.3 Divisia Indexes -- 3.4 Scatter Plots -- 3.5 Further Estimates of the Income Flexibility -- 3.6 Derivations -- 3.7 Comments on Assumptions -- References -- 4 Hypothesis Testing in Demand Analysis -- 4.1 Introduction -- 4.2 The Demand Model -- 4.3 Homogeneity -- 4.4 Symmetry -- 4.5 Monte Carlo Testing -- 4.6 Homogeneity Revisited -- 4.7 Symmetry Revisited -- 4.8 Preference Independence Revisited -- 4.9 Specifying the Covariance Matrix -- 4.10 The Implied Demand Elasticities -- 4.11 More on the Elasticities -- 4.12 Conclusion -- Appendices to Chapter 4 -- References -- 5 Undersized Samples and Demand Analysis -- 5.1 Introduction -- 5.2 Working’s Model -- 5.3 Estimation Procedures -- 5.4 Alternative Covariance Matrices -- 5.5 A Simulation Experiment -- 5.6 More Simulations -- 5.7 Hypothesis Testing -- 5.8 Concluding Comments -- Appendices to Chapter 5 -- References -- 6 The Demand for Alcoholic Beverages -- 6.1 Introduction -- 6.2 The Data -- 6.3 The Effects of Relative Prices and Income: A Preliminary Analysis -- 6.4 Testing Homogeneity and Symmetry -- 6.5 The Utility Interactions Among Beverages -- 6.6 The Second Version of the Demand Model -- 6.7 How Reliable are the ML Estimators? -- 6.8 The Goodness of Fit of the Model -- 6.9 The Demand for Alcohol as a Whole -- 6.10 On Substitutes and Complements -- 6.11 Comparison with Other Studies -- 6.12 Concluding Comments -- References -- 7 Advertising and Consumption: A Theoretical Analysis -- 7.1 Introduction -- 7.2 Advertising and Consumption -- 7.3 The Comparative Statics of Advertising -- 7.4 Two Special Cases -- 7.5 Indexes of Advertising -- 7.6 A Differential Demand System With Advertising -- 7.7 Derivations -- 7.8 Block Independence -- 7.9 A Groupwise Index of Advertising -- 7.10 The Composite Demand Equation -- 7.11 Conditional Demand Equations -- 7.12 Conditional Demand Equations in Absolute Prices -- 7.13 The Unconditional Demand Equations -- 7.14 More Derivations -- References -- 8 The Effects of Advertising on Alcohol Consumption: An Empirical Analysis -- 8.1 Introduction -- 8.2 The UK Alcohol Advertising Data -- 8.3 Divisia Indexes of Alcohol Advertising -- 8.4 The Extended Generalized Rotterdam Model -- 8.5 The Corrected Quantity-Advertising Indexes -- 8.6 Estimates of the Corrected Quantity-Advertising Correlation -- 8.7 Estimates of the Elasticity of Marginal Utility -- 8.8 Estimates of the Conditional Demand Equations -- 8.9 Advertising in Stock Form -- 8.10 Is Advertising Predetermined? -- 8.11 The Unconditional Elasticities -- 8.12 Previous Studies -- Appendix to Chapter 8 -- References -- 9 Rotterdam Model in Forecasting: An Application to the Alcohol Market -- 9.1 Introduction -- 9.2 The Rotterdam Demand Model -- 9.3 Block Structure of Alcohol Market -- 9.4 The Forecasting Procedure -- 9.5 The Forecasts -- 9.6 The Bootstrap Standard Errors of the Forecasts -- 9.7 Forecasts versus Observed -- References -- 10 Aggregation and Consumer Demand -- 10.1 Introduction -- 10.2 Aggregation Over Commodities -- 10.3 The Convergence Approach to Linear Aggregation -- 10.4 Demand Equations in Absolute Prices -- 10.5 Derivations -- 10.6 The Aggregation Bias of the Slutsky Coefficients -- 10.7 Demand Equations in Relative Prices -- 10.8 Derivation of the Relative Price Version of the Macro Demand Model . -- 10.9 The Remainder Terms -- 10.10 Properties of the Macrocoefficients -- References.

10.1007/978-3-642-85205-3 [DOI]

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