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Duality for the household: Theory and applications

  • Jeffrey T. LaFrance

Research output: Chapter in Book/Report/Conference proceedingChapter (Book)Researchpeer-review

Abstract

This chapter presents the theory of consumer choice as applied to household behavior. An internally consistent, self-contained framework is developed for the analysis of consumer preferences, household production, quality attributes, and produced nonmarket commodities in static and dynamic environments. Consumer expectations and naive and rational habit formation are considered in detail. The emphasis is on developing an internally consistent duality for consumer choice theory in each of these contexts. The chapter develops a general, logically consistent modeling framework for the applied economic analysis of consumption choices by the household.

Original languageEnglish
Title of host publicationHandbook of Agricultural Economics
Subtitle of host publicationMarketing, Distribution and Consumers
EditorsBruce L. Gardner, Gordon C. Rausser
PublisherElsevier
Chapter18
Pages1025-1081
Number of pages57
Volume1B
ISBN (Print)978-0-444-50729-7
DOIs
Publication statusPublished - 1 Dec 2001
Externally publishedYes

Publication series

NameHandbook of Agricultural Economics
ISSN (Print)1574-0072

Keywords

  • Q11

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