Empirical models of consumer behavior

Aviv Nevo*

*Corresponding author for this work

Research output: Contribution to journalReview article

25 Scopus citations

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.

Original languageEnglish (US)
Pages (from-to)51-75
Number of pages25
JournalAnnual Review of Economics
Volume3
DOIs
StatePublished - 2011

Keywords

  • Almost ideal demand system
  • Demand estimation
  • Differentiated products
  • Discrete choice
  • Industrial organization

ASJC Scopus subject areas

  • Economics and Econometrics

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