A Non-Parametric Analysis of Personal Sector Decisions on Consumption, Liquid Assets and Leisure

Do the ASEAN countries and Taiwan form a common currency area?

“…6 Barnett (1980) originated the concept of an economic monetary aggregate. 7 For the euro bloc, Binner et al (2009), and for the UK, Patterson (1991) and Drake et al (2003), found that money in these two areas includes monetary assets in addition to currency.…”

Substitution between monetary assets and consumer goods: New evidence on the monetary transmission mechanism

“…The user cost for both durable and semi-durable goods is calculated using the formula of Diewert (1974) and Patterson (1991) with the assumed average life lengths used to calculate the appropriate depreciation rates (see Drake and Fleissig, 2008), and using the benchmark rate of return derived for monetary assets. 10…”

“…To evaluate if the monetary and consumption data are consistent with optimal consumer behavior, the data are often tested for consistency with the Generalized Axiom of Revealed Preference (GARP) using the non-parametric procedure of Varian (1982 Belongia and Chalfant (1989), Barnett et al (1992), Belongia and Chrystal (1991), Patterson (1991), Whitney (1987, 1988), Chrystal (1994, 1997), Drake (1996), Belongia (1996), Drake et al (2003) and Fleissig (2006, 2008). 9 The ONS data consist of: nondurables: food and non-alcoholic beverages; alcoholic beverages; tobacco; household utilities (water, electricity, gas, other fuels, etc.…”

“…We also follow the non-parametric approach established by Whitney (1987, 1988) to test if data are consistent with utility maximization. This approach has been applied to UK data by Patterson (1991), Drake (1997), Drake et al (2003) and Elger et al (2008). 4 After establishing utility maximization for the assets and goods, we construct Divisia aggregates from the monetary assets, non-durable goods and services expenditure.…”

Revealed preference tests for weak separability: An integer programming approach

“…See, for example, Swofford andWhitney (1987, 1988), Barnhart and Whitney (1988), Patterson (1991), Belongia and Chrystal (1991), Choi and Sosin (1992), Swofford and Whitney (1994), Jones and Mazzi (1996), Cox (1997), Fisher and Fleissig (1997), Rickertsen (1998), Spencer (2002, Whitney (2003, 2008), Swofford (2005), Serletis and Rangel-Ruiz (2005), Jones, Dutkowsky, and Elger (2005), Jha and Longjam (2006), Blundell, Browning, and Crawford (2007), Hjertstrand (2007, 2009), Elger, Jones, Edgerton, and Binner (2008, Elger and Jones (2008), and Drake and Fleissig (2008). 7 We refer to Garey and Johnson (1979) for an introduction into the theory of np-completeness.…”