Understanding Consumption Patterns

Kenneth Clements and Saroja Selvanathan

Empirical Economics, 1994, vol. 19, issue 1, 69-110

Abstract: The analysis of consumer demand is one of the major successes of economics as it represents the near perfect marriage of theory and econometrics. This paper reviews, distills and systematises some of the major empirical findings on consumption patterns, concentrating in particular on the more recent (and in some cases, more controversial) evidence. One of the key conclusions of the paper is that on the basis on new methods, the hypotheses of homogeneity, symmetry and preference independence are not at such wide variance with the data as was once thought to be the case.

Date: 1994
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Working Paper: Understanding Consumption Patterns (1992)
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