Economics, Econometrics and Finance
8 years ago

New method reveals true consumer spending habits, revolutionizing economic analysis.

Applied Econometrics
On endogeneity of consumer expenditures in the estimation of households demand system
Anastasiia Timofeeva

Paper Summary

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The article looks at how mistakes in measuring how much people spend can affect our understanding of what they buy. The researchers came up with a new way to fix this problem using factor analysis. This method helps us get a more accurate picture of how much people really spend and how they spend it. It doesn't need extra data or repeated observations. This approach can give us a better idea of how much information on spending is distorted in surveys.