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Economic Decision-Making in a Poisson Demand Space

In: General Equilibrium Economics

Author

Listed:
  • Robert E. Kuenne

    (Princeton University)

Abstract

The attention of economists has been so fixated upon the notion of demand as a continuous function of price, with quantities purchased rather fully within the discretion of the buyer, that they have ignored other important demand regimes. One such type may be characterized as ‘rare-event’ contingency demand, in which sudden, unexpected interruptions in the individual’s routine occur, initiating demands for goods or services to correct the situation with little discretion for denial or delay. Such events range from the truly catastrophic — the occurrence of death, sudden illness or accident, fire or crime — to the annoyance of a breakdown in important durable appliances in modern living.

Suggested Citation

  • Robert E. Kuenne, 1992. "Economic Decision-Making in a Poisson Demand Space," Palgrave Macmillan Books, in: General Equilibrium Economics, chapter 13, pages 306-320, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-12752-8_14
    DOI: 10.1007/978-1-349-12752-8_14
    as

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