Changes in consumer behaviour are shaping food industry strategies, and a broad analysis of the specialised literature is needed to provide a holistic view of trends in consumer behaviour trends. This article aims to identify the research directions in the field and the trends that could shape...

This paper studies the infinite horizon optimal consumption with a path-dependent reference under the exponential utility. The performance is measured by the difference between the non-negative consumption rate and a fraction of the historical consumption maximum. The consumption running maximum...

Dybvig [1995] finds optimal spending and investment strategies for a perpetual endowment that has no tolerance for spending declines. His spending rule is a ratchet --- spending never decreases, but has a substantial chance of increasing. We find the ratchet consumption rule for an investor with...

The paper solves a puzzle related to unsecured credit and the use of credit scores. With credit scores increasingly present in credit decisions, and with the increased use of credit cards, especially in categories at risk of large negative health shocks, asymmetry of information between banks...

This paper addresses the classic Arrow-Pratt model of choice under uncertainty, relaxing one important condition, and using different tools. The condition relaxed is the single variable in preferences, by allowing for imperfect substitutability in preferences. The tools used are not topological...

Although rational consumers without bequest motives are better oÞ investing exclusively with annuitized instruments in partial equilibrium, we demonstrate the welfare effect of annuitization is ambiguous in general equilibrium on account of the pecuniary externality. Accidental bequests improve...

American households have received a triple dose of bad news since the beginning of the current recession: The greatest collapse in asset values since the Great Depression, a sharp tightening in credit availability, and a large increase in unemployment risk. We present measures of the size of...

The aim of this paper is to investigate the dynamics of the fashion cycle as originally described by Simmel (1904). The theoretical models used in the more recent economic literature (Stigler & Becker 1977; Karni & Schmeidler 1990; Matsuyama 1992; Coelho & McCure 1993; Corneo & Jeanne 1997) have the undeniable...

Antoniadou (2004a) laid the foundations of the methodology for using lattice programming to study comparative statics in the consumer problem. The definition of income effects gives rise to a class of partial orders called value orders. This paper carries the analysis further by showing how...

We study the consumption and portfolio selection problem of an agent who faces consumption irreversibility: there is disutility from changing consumption levels. The derived preference exhibits intertemporal loss aversion toward consumption changes with the previous consumption level being the...