Empirical Models of Consumer Behavior
Northwestern University - Department of Economics; National Bureau of Economic Research (NBER)
Annual Review of Economics, Vol. 3, pp. 51-75, 2011
Models of consumer behavior play a key role in modern empirical industrial organization. In this review, I survey some of the models used in this literature. In particular, I discuss two commonly used demand systems: multistage budgeting approaches and discrete choice models. I motivate their use and highlight some key modeling assumptions. I next briefly discuss key issues of estimation and conclude by summarizing some extensions.
Date posted: August 31, 2011
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