[...]This study is the first formal investigation ofconsumer attitudes that compares the forecasting power ofthe University of Michigan’s Index of Consumer Sentimentand the Conference Board’s Consumer Confidence Index.We begin with a background analysis of structural differencesbetween the...

What is the origin and essence of fashion? This question has engaged scholars of various disciplines over the past decades, most of whom approach this subject with a Western or European focus. This paper argues instead that Asia was also pivotal in the articulation of the fashion system in...

This paper introduces various sources of consumer heterogeneity in one-sector representative consumer (RC) growth models and develops tools to study the evolution of the distribution of consumptions, assets and incomes.[...]

This paper specifies and estimates a structural dynamic model of consumer demand for newand used durable goods. Its primary contribution is to provide an explicit estimationprocedure for transaction costs, which are crucial to capturing the dynamic nature ofconsumer decisions. In particular,...

Given the emphasis in recent welfare economics, political philosophy andsocial policy on the concept of opportunity, the need to find a way ofdifferentiating between outcomes that are the result of choice and outcomesthat are the results of constraint has become pressing. But all approaches...