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Consumption and time in economics: prices and quantities in a temporary equilibrium perspective

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  • Sergio Nisticò

Abstract

The main tenet of the paper is that cost-plus non-competitive prices, while obviously set by firms according to expected market demand for their output, can be assumed to be independent of possible discrepancies between the expected and the actual demand for firms' output. The analysis is placed within Hicks's temporary equilibrium framework, though suggesting an explanation of demand totally different from Hicks's. It is argued that the rationale for the independence of prices from actual sales might be found in Gossen's notion of optimum frequency of consumption. Copyright 2005, Oxford University Press.

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  • Sergio Nisticò, 2005. "Consumption and time in economics: prices and quantities in a temporary equilibrium perspective," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 29(6), pages 943-957, November.
    • Handle: RePEc:oup:cambje:v:29:y:2005:i:6:p:943-957
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    File URL: http://hdl.handle.net/10.1093/cje/bei070
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    Cited by:

    1. Nisticò, Sergio, 2015. "Enjoyment takes time: Some implications for choice theory," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 9, pages 1-40.
    2. Sergio Nisticò, 2014. "Production of (Pleasant) Time by Means of (Unpleasant) Time: Some Notes on Consumption Theory and Time Use," Metroeconomica, Wiley Blackwell, vol. 65(2), pages 276-297, May.
    3. Nisticò, Sergio, 2013. "The Demand for Cultural Activities: a Time-Use Approach," MPRA Paper 51377, University Library of Munich, Germany.

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