This paper addresses consumers’ choices by examining: current food choices made by different socio-economic groups;price barriers to diet improvement;and ways in which marketing may affect product choice. The study s...This paper addresses consumers’ choices by examining: current food choices made by different socio-economic groups;price barriers to diet improvement;and ways in which marketing may affect product choice. The study seeks: first, to analyze the differences in consumption of sausages of different nutritional composition among different socio-demo- graphic and lifestage groups;and second, using the example of sausages, to measure whether it is possible to improve diet quality without affecting household expenditure. Sausages represent a relatively high proportion of red and processed meat purchases in Scotland, contributing significantly to the fat and sodium in the Scottish diet. The data used consisted of two-years of weekly information from a top-4, UK supermarket. The results suggest that it is possible to purchase the same amount of a lower saturated fat or lower sodium sausage for the same price as a higher saturated fat or sodium sausage. However, it would cost more for some of the groups to replace a sausage that was both higher in saturated fat and higher in sodium with a lower saturated fat, lower sodium version in the household’s food basket.展开更多
This paper extends Slutsky’s classic work on consumer theory to a random horizon stochastic dynamic framework in which the consumer has an inter-temporal planning horizon with uncertainties in future incomes and life...This paper extends Slutsky’s classic work on consumer theory to a random horizon stochastic dynamic framework in which the consumer has an inter-temporal planning horizon with uncertainties in future incomes and life span. Utility maximization leading to a set of ordinary wealth-dependent demand functions is performed. A dual problem is set up to derive the wealth compensated demand functions. This represents the first time that wealth-dependent ordinary demand functions and wealth compensated demand functions are obtained under these uncertainties. The corresponding Roy’s identity relationships and a set of random horizon stochastic dynamic Slutsky equations are then derived. The extension incorporates realistic characteristics in consumer theory and advances the conventional microeconomic study on consumption to a more realistic optimal control framework.展开更多
The optimal job choice,consumption and portfolio decision-making of economic agents under inflationary environment for a continuous infinite time are studied.The agent’s preference is characterized by the Cobb-Dougla...The optimal job choice,consumption and portfolio decision-making of economic agents under inflationary environment for a continuous infinite time are studied.The agent’s preference is characterized by the Cobb-Douglas utility function with two variables of consumption and leisure.The economic agent invests in three kinds of assets:risk-free bonds,inflation index bonds and risky assets.The agent has two kinds of working conditions:One is the work with high income and little leisure time,and the other is the work with low income and much leisure time.Firstly,the real wealth process after inflation discount is derived by using Itôformula.Then,based on the expected utility maximization standard under any working state,martingale method is adopted to obtain the closed form solution of optimal job choice,consumption and portfolio decision-making.Finally,the effects of wealth and inflation volatility on the optimal consumption and portfolio strategies are quantitatively analyzed by numerical simulation with given parameters.展开更多
文摘This paper addresses consumers’ choices by examining: current food choices made by different socio-economic groups;price barriers to diet improvement;and ways in which marketing may affect product choice. The study seeks: first, to analyze the differences in consumption of sausages of different nutritional composition among different socio-demo- graphic and lifestage groups;and second, using the example of sausages, to measure whether it is possible to improve diet quality without affecting household expenditure. Sausages represent a relatively high proportion of red and processed meat purchases in Scotland, contributing significantly to the fat and sodium in the Scottish diet. The data used consisted of two-years of weekly information from a top-4, UK supermarket. The results suggest that it is possible to purchase the same amount of a lower saturated fat or lower sodium sausage for the same price as a higher saturated fat or sodium sausage. However, it would cost more for some of the groups to replace a sausage that was both higher in saturated fat and higher in sodium with a lower saturated fat, lower sodium version in the household’s food basket.
文摘This paper extends Slutsky’s classic work on consumer theory to a random horizon stochastic dynamic framework in which the consumer has an inter-temporal planning horizon with uncertainties in future incomes and life span. Utility maximization leading to a set of ordinary wealth-dependent demand functions is performed. A dual problem is set up to derive the wealth compensated demand functions. This represents the first time that wealth-dependent ordinary demand functions and wealth compensated demand functions are obtained under these uncertainties. The corresponding Roy’s identity relationships and a set of random horizon stochastic dynamic Slutsky equations are then derived. The extension incorporates realistic characteristics in consumer theory and advances the conventional microeconomic study on consumption to a more realistic optimal control framework.
基金This research was supported by the National Natural Science Foundation of China(No.71571001)and the Natural Science Foundation of Anhui Province(No.KJ2020A0369)。
文摘The optimal job choice,consumption and portfolio decision-making of economic agents under inflationary environment for a continuous infinite time are studied.The agent’s preference is characterized by the Cobb-Douglas utility function with two variables of consumption and leisure.The economic agent invests in three kinds of assets:risk-free bonds,inflation index bonds and risky assets.The agent has two kinds of working conditions:One is the work with high income and little leisure time,and the other is the work with low income and much leisure time.Firstly,the real wealth process after inflation discount is derived by using Itôformula.Then,based on the expected utility maximization standard under any working state,martingale method is adopted to obtain the closed form solution of optimal job choice,consumption and portfolio decision-making.Finally,the effects of wealth and inflation volatility on the optimal consumption and portfolio strategies are quantitatively analyzed by numerical simulation with given parameters.
