Abstract
In the history of demand analysis two threads, related but separable, can be discerned. These are first the work of economists interested in the discovery of general laws governing the operation of markets, particularly agricultural markets; and second the work of those, originally statisticians, interested in the psychological laws governing what has come to be called consumer preference. This dichotomy continues to characterise the subject. As computing opportunities and skills have expanded, empirical research has produced more sophisticated demand equations while, at the same time, theoretical economists and mathematicians have enormously increased our knowledge of the pure mathematics of preference relations. While these two activities have not always been in balance, the great strength of empirical demand analysis has been the existence of strong theoretical foundations which could be drawn upon or modified as practice demanded. This interplay between the theory and reality has been perhaps more fruitful in this than in any other branch of economics.
The authors are indebted to many colleagues for help and discussion but in particular wish to record their gratitude to Richard Stone and to the editors of this Journal. The greater part of Sections III and V was written by Brown while Section IV was written by Deaton; otherwise the authors accept joint responsibility.
Our coverage is of the applications of models of consumer behaviour; attention is paid to the theory of consumer demand only in so far as it is relevant to applied work. We thus do not cover the welfare aspects of consumer theory and this is taken to include the problems of index numbers of the cost of living. Readers interested in the latter may refer to items [77], [201] and [81] in the bibliography; modern developments in the pure theory of consumer preference are well covered in the symposium [37]. For different reasons, mainly those relating to space, we are not concerned with the consumption function itself but only with the allocation of total expenditure over different goods.
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Brown, A., Deaton, A. (1973). Models of Consumer Behaviour. In: Surveys of Applied Economics. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-01860-4_4
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