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Habits and Heterogeneity in Demands: A Panel Data Analysis.

Abstract:

We examine demand behaviour for intertemporal dependencies, using Spanish panel data. We present evidence that there is both state dependence and correlated heterogeneity in demand behaviour. Our specific findings are that food outside the home, alcohol and tobacco are habit forming, whereas clothing and small durables exhibit durability. We conclude that demand analyses using cross-section data that ignore these effects may be seriously biased. On the other hand, the degree of intertemporal ...

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Publisher copy:
10.1002/jae.952
Publisher:
Wiley
Journal:
Journal of Applied Econometrics More from this journal
Volume:
22
Issue:
3
Pages:
625 - 640
Publication date:
2007-01-01
DOI:
ISSN:
0883-7252
Language:
English
UUID:
uuid:c8ec2ecb-7130-4c03-b271-bbcf20420900
Local pid:
oai:economics.ouls.ox.ac.uk:14233
Deposit date:
2011-08-16

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