Economics of Consumer Behavior Unveiled: Impact on Household Welfare and Inequality
The article "Economics and Consumer Behavior" by Angus Deaton and John Muellbauer introduces the economic theory of consumer behavior. It covers basic theory, applied econometrics, labor supply, durable goods, consumption function, and rationing. The authors also discuss restrictions on choice, consumer index numbers, household characteristics, social welfare, and inequality. The article extends to quality of goods, household production theory, labor supply, human capital theory, intertemporal choice, demand for durable goods, and choice under uncertainty.