GLOBAL CONSUMPTION PATTERNS, QUALITY AND FOOD DEMAND

Kenneth Clements and Long Vo

No 21-17, Economics Discussion / Working Papers from The University of Western Australia, Department of Economics

Abstract: There are significant disparities in the wealth of nations and how incomes are spent. For example, consumers in the poorest countries spend more than half of income on food, while in the richest countries, this is one-tenth or less. We use the recently published data from the International Comparison Program for 176 countries to estimate cross-country demands. Considerable progress can be made in accounting for much of the disparities in consumption patterns with this simple utility-maximisation model in which variations in incomes and prices are the key drivers. This leads to measures of the “quality” of consumption and its price based on a luxury-necessity-revealed-preference approach, as well as projections of future world food demand.

Keywords: Global consumption; Quality indexes; Engel’s law; Food demand projections (search for similar items in EconPapers)
JEL-codes: D12 F61 Q11 (search for similar items in EconPapers)
Pages: 96
Date: 2021
New Economics Papers: this item is included in nep-agr, nep-int and nep-upt
Note: MD5 = 132b25138906508b9cd5229a5e7b6200
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:uwa:wpaper:21-17

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