A Test of the Habit Formation Hypothesis Using Household Data
Numerous studies have confirmed the importance of habit formation, as represented by a lagged dependent variable, in demand analysis. Although all work to date has been based on aggregate time series data, this study uses household level BLS Interview Panel data to test the habit hypothesis. An inte...
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| Veröffentlicht in: | The review of economics and statistics 1991-05, Vol.73 (2), p.189-199 |
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| container_title | The review of economics and statistics |
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| creator | Heien, Dale Durham, Cathy |
| description | Numerous studies have confirmed the importance of habit formation, as represented by a lagged dependent variable, in demand analysis. Although all work to date has been based on aggregate time series data, this study uses household level BLS Interview Panel data to test the habit hypothesis. An interrelated demand system for seventeen goods is estimated from cross-section data and compared with a similar system based on time series data. The results show that the habit component is significantly different between the two data sets and much smaller in the cross-section data. Habit effects, while not as large in cross-section data as time series, are still highly significant. Several explanations are offered concerning why the two sets of estimates differ. |
| doi_str_mv | 10.2307/2109508 |
| format | Article |
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Although all work to date has been based on aggregate time series data, this study uses household level BLS Interview Panel data to test the habit hypothesis. An interrelated demand system for seventeen goods is estimated from cross-section data and compared with a similar system based on time series data. The results show that the habit component is significantly different between the two data sets and much smaller in the cross-section data. Habit effects, while not as large in cross-section data as time series, are still highly significant. Several explanations are offered concerning why the two sets of estimates differ.</description><identifier>ISSN: 0034-6535</identifier><identifier>EISSN: 1530-9142</identifier><identifier>DOI: 10.2307/2109508</identifier><identifier>CODEN: RECSA9</identifier><language>eng</language><publisher>Cambridge, Mass: Elsevier Science Publishers</publisher><subject>Autocorrelation ; Behavior ; Coefficients ; Comparative studies ; Consumer behavior ; Demography ; Economic models ; Economic theory ; Effects ; Habitual behavior ; Households ; Hypotheses ; Regression analysis ; Social research ; Statistics ; Time series ; Time series models ; Transport phenomena ; Variable coefficients</subject><ispartof>The review of economics and statistics, 1991-05, Vol.73 (2), p.189-199</ispartof><rights>Copyright 1991 The President and Fellows of Harvard College</rights><rights>Copyright MIT Press Journals May 1991</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c301t-5c75f304fd6d5fda17fc2f2a63d1288dc1fd4052711d852a8d458c1ca99bfb943</citedby></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://www.jstor.org/stable/pdf/2109508$$EPDF$$P50$$Gjstor$$H</linktopdf><linktohtml>$$Uhttps://www.jstor.org/stable/2109508$$EHTML$$P50$$Gjstor$$H</linktohtml><link.rule.ids>314,776,780,799,828,27846,27901,27902,57992,57996,58225,58229</link.rule.ids></links><search><creatorcontrib>Heien, Dale</creatorcontrib><creatorcontrib>Durham, Cathy</creatorcontrib><title>A Test of the Habit Formation Hypothesis Using Household Data</title><title>The review of economics and statistics</title><description>Numerous studies have confirmed the importance of habit formation, as represented by a lagged dependent variable, in demand analysis. 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| ispartof | The review of economics and statistics, 1991-05, Vol.73 (2), p.189-199 |
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| source | Jstor Complete Legacy; Periodicals Index Online; JSTOR Mathematics & Statistics; EBSCOhost Business Source Complete |
| subjects | Autocorrelation Behavior Coefficients Comparative studies Consumer behavior Demography Economic models Economic theory Effects Habitual behavior Households Hypotheses Regression analysis Social research Statistics Time series Time series models Transport phenomena Variable coefficients |
| title | A Test of the Habit Formation Hypothesis Using Household Data |
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