Past attempts to generalise the Stolper-Samuelson Theorem have used a matrix of real income terms which is sufficient but not necessary to define a change in utility. In contrast, one can define a second matrix of terms which are necessary and sufficient for a change in indirect utility. Using this matrix, the paper presents an extension of the Stolper-Samuelson Theorem to a model of any dimens...

In its prescription of how food security among rural households can be attained and how problems such as AIDS can be addressed, the neoclassical utiliarian view envisions individual households making atomistic decisions in the use of their resources, goods, and services (entitlements). In exploring the effect of illness and death on household food security in rural Malawi amidst the AIDS epidem...

We examine asset market equilibrium in an intertemporal economic model with individual and aggregate uncertainty and where the asset market is incomplete. Modigliani-Miller leverage irrelevance holds, even when consumers face borrowing constraints, because individual firms cannot alter the equilibrium portfolio of securities available to consumers. We show that households demand less risky port...

We propose a consistent utility-based framework to jointly explain a household’s decisions on purchase incidence, brand choice and purchase quantity. The approach differs from other approaches, currently available in the literature, as it is able to take into account consumption dynamics. In the model, households derive utility from consumption, and they relate their purchase behavior to consum...

In this paper, we show that rational bubbles can exist within a neoclassical economy, provided households derive utility from holding wealth. Hence, provide microfoundation for relies on frictionless economy with an infinitely-lived representative household. While our bubbly equilibria are very similar to those obtained by Tirole (1985) in overlapping generation the underlying mechanism is fund...

This thesis studies two strategies that households may use to keep their consumption smooth in the face of fluctuations in income and expenses: credit (borrowing and savings) and insurance (statecontingent transfers between households). The first chapter asks why insurance among households in rural Thai villages is incomplete. The second chapter analyzes the impacts of micro-credit. The third c...

We construct a peer effects model where mean expenditures of consumers in one's group affect utility through perceived consumption needs. provide novel method for obtaining identification social interactions models like ours, using ordinary survey data, very few members each are observed. implement the standard household‐level consumer expenditure microdata from India. find that additional rupe...

In this paper, I survey the recent literature on the behavior of consumption as households transition to retirement. A large literature has emerged showing a “retirement consumption puzzle”a sharp decline in expenditures as households transition into retirement. However, after aggregating the results of the literature, I show that the “retirement consumption puzzle” is a misnomer. The only cate...

Yvonne Acheampong. All Rights reserved, Readers may make verbertim copies, of this document for non-commercial purposes by any means, provided this copyright notice appears on all such copies. Abstract This paper provides evidence for determinants of households participation in rural development projects. Study findings are based on qualitative analysis and logistic estimation of a random utili...

Domestic households account for a significant portion of energy consumption and carbon emissions in the United Kingdom. Gains in energy and resource efficiency are undermined by the continuing rise in consumption. A multiutility service company (MUSCo) could enable households to make efficiency improvements through energy technologies and demand management, thus reducing overall consumption. We...