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Empirical Models of Consumer Behavior

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  • Aviv Nevo

    (Department of Economics, Northwestern University, Evanston, Illinois 60208)

Abstract

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.

Suggested Citation

  • Aviv Nevo, 2011. "Empirical Models of Consumer Behavior," Annual Review of Economics, Annual Reviews, vol. 3(1), pages 51-75, September.
    • Handle: RePEc:anr:reveco:v:3:y:2011:p:51-75
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    File URL: http://www.annualreviews.org/doi/abs/10.1146/annurev-economics-061109-080402
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    Keywords

    industrial organization; demand estimation; differentiated products; Almost Ideal Demand System; discrete choice;
    All these keywords.

    JEL classification:

    • C3 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General

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