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A Non-parametric Analysis of Personal Sector Decisions on Consumption, Liquid Assets and Leisure

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  • Patterson, Kerry D

Abstract

This paper applies a nonparametric approach to assess whether a data set comprising nineteen consumption goods, four liquid assets, and leisure is consistent with the utility maximization model; and whether there are any weakly separable groupings amongst these goods. The study also addresses the question of which of the competing definitions of durable goods is most consistent with the data. Copyright 1991 by Royal Economic Society.

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  • Patterson, Kerry D, 1991. "A Non-parametric Analysis of Personal Sector Decisions on Consumption, Liquid Assets and Leisure," Economic Journal, Royal Economic Society, vol. 101(408), pages 1103-1116, September.
    • Handle: RePEc:ecj:econjl:v:101:y:1991:i:408:p:1103-16
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    Citations

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    Cited by:

    1. Swofford, James L., 2008. "Tests of microeconomic foundations of Asian common currency areas," Journal of Asian Economics, Elsevier, vol. 19(3), pages 254-258, June.
    2. James L Swofford, 2000. "Microeconomic foundations of an optimal currency area," Review of Financial Economics, John Wiley & Sons, vol. 9(2), pages 121-128, December.
    3. Elger, Thomas & Jones, Barry & Edgerton, David & Binner, Jane, 2004. "The Optimal Level of Monetary Aggregation in the UK," Working Papers 2004:7, Lund University, Department of Economics, revised 26 Jan 2005.
    4. Swofford, James L., 2000. "Microeconomic foundations of an optimal currency area," Review of Financial Economics, Elsevier, vol. 9(2), pages 121-128, December.
    5. Cherchye, Laurens & Demuynck, Thomas & De Rock, Bram & Hjertstrand, Per, 2015. "Revealed preference tests for weak separability: An integer programming approach," Journal of Econometrics, Elsevier, vol. 186(1), pages 129-141.
    6. Jones, Barry E. & Stracca, Livio, 2006. "Are money and consumption additively separable in the euro area? A non-parametric approach," Working Paper Series 704, European Central Bank.
    7. Spencer, Peter, 1997. "Monetary integration and currency substitution in the EMS: The case for a European monetary aggregate," European Economic Review, Elsevier, vol. 41(7), pages 1403-1419, July.
    8. Song Liu & Lin-Lin Xue, 2022. "How to Promote Balanced and Healthy Development of Residents’ Leisure: Based on the Analysis on the Spatiotemporal Evolution of the Scale Structure of Leisure Consumption of Urban Residents in China," Sustainability, MDPI, vol. 14(22), pages 1-15, November.
    9. James L. Swofford, 2005. "Tests of microeconomic foundations of a North American common currency area," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 38(2), pages 420-429, May.
    10. Barry E. Jones & Livio Stracca, 2008. "Does Money Matter In The Is Curve? The Case Of The Uk," Manchester School, University of Manchester, vol. 76(s1), pages 58-84, September.
    11. Drake, Leigh & Fleissig, Adrian R., 2008. "A Note On The Policy Implications Of Using Divisia Consumption And Monetary Aggregates," Macroeconomic Dynamics, Cambridge University Press, vol. 12(1), pages 132-149, February.
    12. Elger, C. Thomas & Jones, Barry E. & Edgerton, David L. & Binner, Jane M., 2008. "A Note On The Optimal Level Of Monetary Aggregation In The United Kingdom," Macroeconomic Dynamics, Cambridge University Press, vol. 12(1), pages 117-131, February.
    13. Binner, Jane & Chen, Shu-Heng & Lai, Ke-Hung & Mullineux, Andrew & Swofford, James L., 2011. "Do the ASEAN countries and Taiwan form a common currency area?," Journal of International Money and Finance, Elsevier, vol. 30(7), pages 1429-1435.
    14. Binner, Jane M. & Chaudhry, Sajid & Kelly, Logan & Swofford, James L., 2018. "“Risky” monetary aggregates for the UK and US," Journal of International Money and Finance, Elsevier, vol. 89(C), pages 127-138.
    15. Drake, Leigh & Fleissig, Adrian R., 2010. "Substitution between monetary assets and consumer goods: New evidence on the monetary transmission mechanism," Journal of Banking & Finance, Elsevier, vol. 34(11), pages 2811-2821, November.
    16. Binner, Jane & Elger, Thomas & de Peretti, Philipe, 2002. "Is UK Risky Money Weakly Separable? A Stochastic Approach," Working Papers 2002:13, Lund University, Department of Economics.

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