Importance of Understanding Consumption Dynamics In Market Recovery Periods

Daniel S. Tilley

Journal of Agricultural and Applied Economics, 1979, vol. 11, issue 2, 41-46

Abstract: Periods of reduced supplies due to exogenous shocks and subsequent high price levels have occurred for many agricultural commodities in the past decade. Consumers' adjustments to these events depend on the magnitude of the shocks and characteristics of the commodity. Understanding consumers' responses to these events requires recognition of rigidities that result in delays in consumer responses to prices.Recognition of rigidities in consumption relationships by using dynamic stock and flow adjustment models was popularized by Houthakker and Taylor [2]. The models recognize the role of inventories and habits resulting from previous purchase patterns in determining current consumption decisions.

Date: 1979
References: Add references at CitEc
Citations: View citations in EconPapers (4)

Downloads: (external link)
https://www.cambridge.org/core/product/identifier/ ... type/journal_article link to article abstract page (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cup:jagaec:v:11:y:1979:i:02:p:41-46_01

Access Statistics for this article

More articles in Journal of Agricultural and Applied Economics from Cambridge University Press Cambridge University Press, UPH, Shaftesbury Road, Cambridge CB2 8BS UK.
Bibliographic data for series maintained by Kirk Stebbing ().