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A Penny Saved: Prices and the Timing of Paycheck Receipt AgEcon
Beatty, Timothy K.M..
This paper explores a puzzling empirical regularity: households pay less for foods as the time since receipt of their last paycheck increases. I leverage randomization with regard to paycheck timing to causally identify the effect of time since paycheck receipt on prices. Estimates of the decline in prices range between 5% and 6% percent, over the course of a month. I investigate several potential explanations for this behavior, including credit constraints and stockpiling. I find evidence that the effect is driven by low-income households and exacerbated by stockpiling behavior.
Tipo: Conference Paper or Presentation Palavras-chave: Unit Values; Paycheck Timing; Permanent Income Hypothesis; Consumer/Household Economics; D91; E21.
Ano: 2010 URL: http://purl.umn.edu/61008
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Aggregation Theory for Incomplete Systems AgEcon
LaFrance, Jeffrey T.; Beatty, Timothy K.M.; Pope, Rulon D..
Gorman's theory of demand is extended comprehensively to incomplete systems. The incomplete systems approach dramatically increases this class of models. The separate roles of symmetry and adding up are identified in the rank and the functional form of this class of models. We show that symmetry determines rank and the maximum rank is three. We show that adding up and 0o homogeneity determines the functional form and there is no functional form restriction for an incomplete system. We prove that every full rank system and reduced rank systems with a minimal level of degeneracy can be written as a polynomial in a single function of income. A complete set of closed form solutions for the indirect objective functions of this class of models is derived. A...
Tipo: Working or Discussion Paper Palavras-chave: Aggregation; Rank; Functional form; Integrability; Incomplete systems; Weak integrability; Demand and Price Analysis; D12; E21.
Ano: 2005 URL: http://purl.umn.edu/25033
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An analysis of the bottlenecks affecting the production and deployment of maize seed in Eastern and Southern Africa AgEcon
Langyintuo, Augustine S.; Mwangi, Wilfred; Diallo, Alpha O.; MacRobert, John F.; Dixon, John; Banziger, Marianne.
The publication describes outcomes of a study conducted in 2007/08 to analyze the bottlenecks affecting the production and deployment of maize seed in eastern and southern Africa. The objectives of the study were to provide a better understanding of the factors limiting the production and deployment of improved maize seed in Africa, and to contribute to increasing the efficiency of variety release, seed production and seed dissemination for new drought tolerant maize varieties. The study identified a number of institutional bottlenecks affecting the maize seed value chain, in particular in the area of policy, credit availability, seed production, germplasm and marketing. To address these bottlenecks and improve the efficiency of seed production and...
Tipo: Report Palavras-chave: Seed production; Seed industry; Commodity markets; Marketing; Maize; Zea mays; Agricultural products; Yields; Crop yield; Crop Production/Industries; E10; E16; E21; E70; F03.
Ano: 2008 URL: http://purl.umn.edu/56189
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AN ANALYSIS OF THE RETIREMENT-CONSUMPTION PUZZLE FOR FOOD-AT-HOME AND AWAY-FROM-HOME EXPENDITURES IN GERMANY AgEcon
Drescher, Larissa S.; Roosen, Jutta.
According to Ando and Modigliani (1957), consumers pass different stages of a lifecycle with different impact on demand. The criticism that the life-cycle theory neglects generational effects and concentrates on ageing effects only has led to the application of the cohort analysis which decomposes not only age, but also period and cohort effects. Following these ideas, this paper presents results of a cohort analysis on food-at-home and away-from-home consumption covering 25 years of German consumption data. Special attention is given to the retirement-consumption puzzle which is the unanticipated drop in consumption after retirement. Results of seemingly unrelated regressions indicate that there are significant age, period and cohort effects of...
Tipo: Conference Paper or Presentation Palavras-chave: Cohort analysis; Retirement-consumption puzzle; Food-at-home expenditures; Food-away- from-home expenditures; Germany; Agricultural and Food Policy; Consumer/Household Economics; Demand and Price Analysis; Food Consumption/Nutrition/Food Safety; Food Security and Poverty; Health Economics and Policy; D91; E21; J10.
Ano: 2010 URL: http://purl.umn.edu/116441
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Building Gorman's Nest AgEcon
LaFrance, Jeffrey T.; Beatty, Timothy K.M.; Pope, Rulon D..
Gorman Engel curves are extended to incomplete systems. The roles of Slutsky symmetry and homogeneity/adding up are isolated in the rank and functional form restrictions for Gorman systems. Symmetry determines the rank condition. The maximum rank is three for incomplete and complete systems. Homogeneity/adding up determines the functional form restrictions in complete systems. There is no restriction on functional form in an incomplete system. Every full rank and minimal deficit reduced rank Gorman system has a representation as a polynomial in a single function of income. This generates a complete taxonomy of indirect preferences for Gorman systems. Using this taxonomy, we develop models of incomplete Gorman systems that nest rank and functional form and...
Tipo: Working or Discussion Paper Palavras-chave: Aggregation; Functional form; Gorman Engel curves; Incomplete demand systems; Rank; Weak integrability; Demand and Price Analysis; D12; E21.
Ano: 2004 URL: http://purl.umn.edu/25027
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Consumption and Precautionary Saving: An Empirical Analysis under Both Financial and Environmental Risks AgEcon
Baiardi, Donatella; Manera, Matteo; Menegatti, Mario.
This paper studies the empirical relationship between consumption and saving under two different sources of uncertainty: financial risk and environmental risk. The analysis is carried out using time series data for six advanced economies in the period 1965-2007. The results support the theoretical conclusions that both financial risk alone and the interaction between financial and environmental risks affect consumption. Moreover, we suggest a solution to some shortcomings which concern the empirical analysis performed with one-argument utility functions. Finally, we provide new estimates of indexes of relative risk aversion and relative prudence, and relative preference of environmental quality.
Tipo: Working or Discussion Paper Palavras-chave: Consumption; Precautionary Saving; Financial Risk; Environmental Risk; Prudence; Relative Risk Aversion; Uncertainty; Environmental Economics and Policy; D81; E21; Q50.
Ano: 2011 URL: http://purl.umn.edu/115845
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Consumption Growth in a Booming Economy: Taiwan 1976-96 AgEcon
McKenzie, David.
Consumption and income have both grown rapidly in Taiwan over the past forty years, with younger birth cohorts experiencing faster growth. The long upward trend in consumption presents a strong challenge to the consumption smoothing predictions of the Permanent Income Hypothesis. We investigate the extent to which consumption theory can account for this trend in an environment where a large majority of households have high savings rates. Household survey data from 1976-96 are used to estimate dynamic pseudo-panel models with inter-cohort heterogeneity. We evaluate the impacts on consumption of migration, mortality, household composition, liquidity constraints, unanticipated aggregate shocks, hyperbolic discounting, habit formation and precautionary saving....
Tipo: Working or Discussion Paper Palavras-chave: Consumption growth; Pseudo-panel; Prudence; Taiwan; International Development; O12; O16; E21; C23.
Ano: 2001 URL: http://purl.umn.edu/28398
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Demographic Change and Consumption -- A Long-term Simulation Analysis AgEcon
Stiller, Silvia.
This study investigates the influence of the demographic ageing process in Germany on the long-term economic growth path. For this purpose a macroeconomic simulation model which combines demographic forecasts with a modified Ramsey growth model is applied. Special focus is put on the consumption effects of population ageing and the potential to counter those by rising fertility or permanent immigration. The simulation results illustrate that in the medium and in the long terms per capita consumption is among all demographic scenarios lower than without demographic changes. Permanent immigration can retard the consumption decrease. Rising fertility even reinforces the decline of consumption in the examined period of time. Das Diskussionpapier beschäftigt...
Tipo: Working or Discussion Paper Palavras-chave: Population Ageing; Consumption; Growth; Labor and Human Capital; E17; E21; J 11.
Ano: 2000 URL: http://purl.umn.edu/26252
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Effects of Global Climate Change on Nigerian Agriculture: An Empirical Analysis AgEcon
Apata, Temidayo Gabriel; Ogunyinka, A.I.; Sanusi, R.A.; Ogunwande, S..
This paper presents an empirical analysis of the effects of global warming on Nigerian agriculture and estimation of the determinants of adaptation to climate change. Data used for this study are from both secondary and primary sources. The set of secondary sources of data helped to examine the coverage of the three scenarios (1971-1980; 1981-1990 and 1991-2000). The primary data set consists of 1500 respondents’ but only 1250 cases were useful. This study analyzed determinants of farm-level climate adaptation measures using a Multinomial choice and stochastic-simulation model to investigate the effects of rapid climatic change on grain production and the human population in Nigeria. The model calculates the production, consumption and storage of grains...
Tipo: Conference Paper or Presentation Palavras-chave: Climate change; Adaptation; Economic consequences; Farm level productivity; Average Rainfall; Nigeria; Food Security and Poverty; D6; D91; E21; O13; Q01; Q2.
Ano: 2010 URL: http://purl.umn.edu/91751
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Full Rank Rational Demand Systems AgEcon
LaFrance, Jeffrey T.; Pope, Rulon D..
We extend the set of full rank nominal and deflated income demand systems to rational demand systems of any rank and present a unifying expression for the indirect preferences of all full rank demand models.
Tipo: Working or Discussion Paper Palavras-chave: Aggregation; Functional form; Integrability; Rank; Rational demand systems; Demand and Price Analysis; D12; E21.
Ano: 2006 URL: http://purl.umn.edu/7152
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Getting to the Top of Mind: How Reminders Increase Saving AgEcon
Karlan, Dean S.; McConnell, Margaret; Mullainathan, Sendhil; Zinman, Jonathan.
We develop and test a simple model of limited attention in intertemporal choice. The model posits that individuals fully attend to consumption in all periods but fail to attend to some future lumpy expenditure opportunities. This asymmetry generates some predictions that overlap with models of present-bias. Our model also generates the unique predictions that reminders may increase saving, and that reminders will be more effective when they increase the salience of a specific expenditure. We find support for these predictions in three field experiments that randomly assign reminders to new savings account holders.
Tipo: Working or Discussion Paper Palavras-chave: Intertemporal consumer choice; Savings; Attention; Consumer/Household Economics; Financial Economics; D91; E21.
Ano: 2010 URL: http://purl.umn.edu/92001
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Label Performance and the Willingness to Pay for Fair Trade Coffee: A Cross-National Perspective AgEcon
Basu, Arnab K.; Hicks, Robert L..
In this paper we investigate how label information detailing the performance of the Fair Trade labeling program with respect to coffee affect consumers’ willingness to pay in the United States and in Germany. We provide respondents (University students in the U.S and Germany) information regarding hypothetical benefits of the Fair Trade Coffee program on its intended beneficiaries on the production side (the revenue gains to participating marginal farmers (scope of the program)), and using stated preference conjoint methods test how this performance criterion relates to the willingness to pay for Fair Trade Coffee. Our empirical results identify a “threshold'' property of performance-based labels. In effect, the willingness-to-pay for performance-based...
Tipo: Working or Discussion Paper Palavras-chave: Fair Trade; Labeling program; Consumer; Consumer/Household Economics; International Relations/Trade; F13; E21.
Ano: 2008 URL: http://purl.umn.edu/44336
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Marginal Propensity to Consume for a Sample of Kansas Farms AgEcon
Langemeier, Michael R.; Snider, Lindsey.
This paper examined the marginal propensity to consume (MPC) for a sample of Kansas farms. Sensitivity of estimated MPCs to the use of accrual net farm income, net cash farm income, and the inclusion of off-farm income was also examined. Results yielded a range of short-run MPCs from 0.011 to 0.015. Statistical tests suggested that the income coefficients used to compute short-run MPCs were not statistically different.
Tipo: Conference Paper or Presentation Palavras-chave: Farm Consumption; Habit Persistence; Agricultural Finance; Farm Management; E21.
Ano: 2008 URL: http://purl.umn.edu/45971
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Non-Linear Dynamics and Predictable Forecast Errors: An Application to the OECD Forecasts for Germany AgEcon
Antzoulatos, Angelos A.; Wilfling, Bernd.
Recent theoretical advances in consumption theory suggest that there may exist predictable consumption surges which, if not taken sufficiently into account in forecasting, may lead to predictable forecast errors. We use this insight to identify economic variables that might help improve the OECD's forecasts for Germany's consumption and GDP growth.
Tipo: Working or Discussion Paper Palavras-chave: Consumption; GDP; Macroeconomic forecasts; Non-linear dynamics.; Consumer/Household Economics; C53; E21; E37.
Ano: 2003 URL: http://purl.umn.edu/26169
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On the Solutions to Full Rank Three Gorman Systems AgEcon
LaFrance, Jeffrey T..
This letter closes a gap in the set of solutions for the full rank three systems of Gorman Engel curves and presents a unified expression for the indirect preferences in this case.
Tipo: Working or Discussion Paper Palavras-chave: Aggregation; Rank; Functional form; Integrability; Research Methods/ Statistical Methods; D12; E21.
Ano: 2005 URL: http://purl.umn.edu/25048
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Reconsiderando la metodología FAO sobre el cálculo del número de personas que pasan hambre en el mundo AgEcon
Morales-Opazo, Cristian; Barreiro-Hurlé, Jesús.
FAO measure of undernourishment is calculated based on three main parameters: dietary energy supply (DES), minimum dietary energy requirement (MDER), and the coefficient of variation of dietary energy consumption (CV). In the current implementation of this methodology, the DES and the MDER change over time, as would be expected. The CV, however, remains constant. However, we expect the CV to change over time and be a function of income and prices. This paper discusses why the CV should change in response to changes in these variables, and suggests a practical way to estimate changes in the CV over time in the absence of survey data.
Tipo: Article Palavras-chave: Income; Prices; Consumption; Undernourishment; Food Consumption/Nutrition/Food Safety; Food Security and Poverty; E21; O11; O19.
Ano: 2011 URL: http://purl.umn.edu/120198
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Seed Business Management in Africa AgEcon
MacRobert, John F..
Tipo: Report Palavras-chave: Seed industry; Seed production; Trade; Commodity markets; Marketing; Agribusiness; Crop Production/Industries; E10; E20; E21; E70; E73; F03.
Ano: 2009 URL: http://purl.umn.edu/56174
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The Neoliberal Myth in Latin America: The Cases of Mexico and Argentina in the ‘90s AgEcon
Ronchi, Veronica.
During the '90s most Latin American countries were submitted to neoliberal structural reform policies. Neoliberal policies imposed market supremacy, reduced the State's role in the economy and deregulated the markets. This paper aims at describing how these policies affected the most important macroeconomic indexes, with special emphasis on Argentina and Mexico, the two countries that suffered most from the economic crises of the '80s and '90s, and where the neoliberal policies were applied with greater orthodoxy. In spite of a slight improvement in some macroeconomic indexes, in Latin America neoliberalism failed to reduce poverty and unemployment, and was unable to guarantee a fair distribution of the wealth and improve welfare.
Tipo: Working or Discussion Paper Palavras-chave: Latin America; Mexico; Argentina; '90s; Neoliberalism; Political Economy; E21; E22; E24; E26; N16; N26; N36; O16.
Ano: 2007 URL: http://purl.umn.edu/9335
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THE WORLD AND DOMESTIC MARKETS FOR TOBACCO AND TOBACCO PRODUCTS AgEcon
Djorovic, Milutin; Stevanovic, Simo; Lazic, Verica.
Original scientific paper
Tipo: Article Palavras-chave: Tobacco; Tobacco products; Manufacture; Market; Trade; Exports; Imports; Balance; Agribusiness; International Relations/Trade; F19; E21.
Ano: 2012 URL: http://purl.umn.edu/123956
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Welfare Effects of Demographic Changes in a Ramsey Growth Model AgEcon
Stiller, Silvia.
Population ageing and decline are inescapable facts for Germany which are expected to have - especially due to the labour force decrease - negative impacts on the economy. In this context it is often referred to the possibility of countering potentially negative economic effects of population ageing by a fertility increase or immigration of people at the working age. Of course, changing fertility and immigration are both suited to reduce population ageing. But they influence the population structure, labour supply and thus the economic conditions in substantially different way. This discussion paper focuses on one aspect which is related to this issue. It is examined by simulations how different demographic scenarios affect consumption development and thus...
Tipo: Working or Discussion Paper Palavras-chave: Demographic Forecast; Population Ageing; Consumption; Welfare; Labor and Human Capital; J11; E17; E21.
Ano: 2000 URL: http://purl.umn.edu/26285
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