Consumer behaviour is at the heart of much discussion in economic policy, whether it be setting tax rates for certain commodities, calculating appropriate price regulation, assessing the adequacy of savings or deciding how individuals respond to risk. How and why do individual responses differ? Which types of individuals, if any, respond rationally? This master class will take a microeconometric view of consumer behaviour. Laying out the ground-work for the micro-data analysis of consumer rationality and the robust measurement of consumer responses to income and price changes. It will also consider appropriate modelling of dynamic consumer behaviour. In particular, the analysis of savings and consumption behaviour in the face of income and other risks.
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