Consumer Casualties: Exploring the Economics of Habit, - download pdf or read online

By Junmin Wan (auth.)

ISBN-10: 1137384840

ISBN-13: 9781137384843

ISBN-10: 1349481831

ISBN-13: 9781349481835

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Extra info for Consumer Casualties: Exploring the Economics of Habit, Information, and Uncertainty in Japan

Example text

CT ) is decided optimally, although in the empirical analysis C is very difficult to observe. We often lack consumption data and have aggregate data on purchases. Nevertheless, purchases do not equal consumption, especially in the short run. 3 Second-Stage Decision: Optimal Purchase and Inventory Optimal purchases and inventory when the consumption is given The optimal consumption set in the first-stage problem is assumed to be given. In this stage, the consumer is assumed to choose her optimal purchases and inventory in every period.

StoreTlt P1 P1 P1 P1 P1 P2 P2 P2 P2 P2 P2 0 0 0 0 P2 /P1 0 0 0 0 0 0 0 0 0 0 0 P2 /P1 0 0 0 0 0 0 0 0 0 0 0 P2 /P1 0 0 0 0 0 0 0 0 0 0 0 P2 /P1 0 0 0 ...... 0 ...... 0 ...... 0 ...... 0 ...... 0 ...... 0 ...... 0 ...... 0 ...... 0 . . . P2 /P1 ...... 0 According to the second-stage problem, the extent of hoarding is a function of tax increases, and the tax increase rate is a good proxy for hoarding. Therefore, each of the seven tax increases is Rational Addiction with an Optimal Inventory 15 used to examine the effects of hoarding and storage.

Nominal Worker Household Disposable Income: Economic Planning Agency, Government of Japan. Annual Report of Family Income and Expenditure, 1951−1999. Nominal Retail Cigarette Price: Statistics Bureau Ministry of Public Management, Home Affairs, Posts and Telecommunications, Japan. “Nationwide uniform prices or charges,” Monthly Report on the Retail Price Survey, 2000. Nominal Tax Revenues: Ministry of Finance, Government of Japan. Public Finance Statistics, 1951−1999. Normal Cigarette Price: Nominal Retail Cigarette Price (1999) times consumer price index of cigarettes divided by the index (1999).

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Consumer Casualties: Exploring the Economics of Habit, Information, and Uncertainty in Japan by Junmin Wan (auth.)

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