The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Consumer Expenditure

  • Angus Deaton
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_349

Abstract

Consumers’ expenditure is a central concern of economics, both in microeconomic terms (the relationship between prices, expenditure and welfare) and in macroeconomic terms (the relationship between expenditure and income). This article examines the interplay between theory and evidence in the study of consumers’ expenditure and its composition. Although models have been developed from the theory of consumption that illuminate much of the available data, many standard presumptions of economics lack substantial bodies of evidence such as central theories in the natural sciences enjoy.

Keywords

Almost ideal demand system (AIDS) ARIMA process Bernoulli utility functions Compensated demand Consumer expenditure Consumers’ expenditure Consumption function Convexity Demand curve Demand functions Denver Income Maintenance Experiment Econometrics Elasticity Engel curves Engel’s law Euler equation Fisher, I. Fixed needs model Flexible functional forms Friedman, M. Generalized axiom of revealed preference (GARP) Generalized Leontief system Hicks, J. Household budgets Inflation Inter-temporal utility functions Keynes, J. King, G. Kuznets, S. Law of demand Life cycle hypothesis Life-cycle income model Linear expenditure system Lucas, R. Marginal rate of substitution Michigan Panel Study of Income Dynamics (PSID) Modigliani, F. Non-linear optimization Optimal taxation Permanent income model Prices Ramsey, F. Random walk model Revealed preference theory Risk aversion Roy’s identity Samuelson, P. Saving ratio Shephard’s lemma Slutsky matrix Stigler, G. Stone, J. Stone-Geary utility function Substitution effect Tax reform analysis Unit root model Utility maximization 
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Authors and Affiliations

  • Angus Deaton
    • 1
  1. 1.