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The standard approach to modelling consumption/saving problems is to assume that the decisionmaker is solving a dynamic stochastic optimization problem. However, under realistic descriptions of utility and uncertainty, the optimal consumption/saving decision is so difficult that only recently have economists have managed to find solutions, using numerical methods that require previously infeasible amounts of computation. Yet empirical evidence suggests that household behavior conforms fairly well with the prescriptions of the optimal solution, raising the question of how average households can solve problems that economists, until recently, could not. This paper examines whether consumers might be able to find a reasonably good 'rule-of-thumb' approximation to optimal behavior by trial-and-error methods, as Friedman (1953) proposed long ago. We find that such individual learning methods can reliably identify reasonably good rules of thumb only if the consumer is able to spend absurdly large amounts of time searching for a good rule.
The National Bureau of Economic Research, Inc. presents the abstract for the paper entitled "Individual Learning About Consumption," by Todd W. Allen and Christopher D. Carroll and published April 2001. The paper discusses whether consumers can find a rule-of-thumb approximation to optimal behavior in consumption and saving by trial-and-error methods. Users may purchase the full text of the paper online.
This book provides an overview of the recent research on saving and consumption, a field in which substantial progress has been made over the last decade. Attempts by economists to understand saving and consumption patterns have generated some of the best science in economics. For more than fifty years, there has been serious empirical and theoretical activity, and data, theory, and policy have never been separated as has happened in many branches of economics. Research has drawn microeconomists interested in household behaviour, as well as macroeconomists, for whom the behaviour of aggregate consumption has always occupied a central role in explaining aggregate fluctuations. Econometricians have also made distinguished contributions, and there has been a steady flow of new methodologies by those working on saving and consumption, in time-series econometrics, as well as in the study of micro and panel data. A coherent account of these developments is presented here, emphasizing the interplay between micro and the macro, between studies of cross-section and panels, and those using aggregate time series data.
The sociology of consumption has concentrated unduly on the more spectacular and visual aspects of contemporary consumer behaviour, thereby constructing an unbalanced and misleading view. This collection emphasises ordinary rather than extraordinary items, routine and repetitive behaviour rather than conscious decision-making. It studies practical contexts of use rather than decisions to purchase and analyses collective identification rather than personal identity. Each essay argues one or more of these points, for the most part using new empirical material from several different national contexts. The topics analysed include shopping in Taiwan, second-home ownership in France, environmental considerations concerning food choice in Denmark, the take up of new domestic technologies in Finland and kitchen design in England. Key concepts like tradition, routine and habit are clarified and new conceptual distinctions are made, with the book defending theoretical approaches deriving from Simmel, Weber, Durkheim and Bourdieu. Ordinary Consumption promotes a distinctive approach to the understanding of the central practices of consumer society, it is a book with a controversial message, one which will be a source of debate about the appropriate agenda for future research.
First published in 1979, this volume introduces a cultural factor to theories of consumption. The World of Goods goes beyond standard economic analyses, which rely on theories of individual psychology. Douglas studies how consumers use goods to fulfil their intentions in regard to one another. The World of Goods insists that goods are wanted for social purposes, for sharing and giving, more than for the private enjoyment that is the pivot of utilitarian explanations. This book offers a completely original way of thinking about consumption as a series of rituals.
First published in 1995. Routledge is an imprint of Taylor & Francis, an informa company.