A01=Ian Steedman
Author_Ian Steedman
Category=JBFS
Category=KC
Category=KF
Chapter III
commodity
Commodity Allocations
Commodity Bundles
Commodity Endowments
Commodity Price Ratio
Commodity Space
Competitive Equilibrium
constraint
Consumption Rate
Contract Curve
curve
Endowment Point
eq_bestseller
eq_business-finance-law
eq_isMigrated=1
eq_isMigrated=2
eq_nobargain
eq_non-fiction
eq_society-politics
expenditure
Expenditure Constraint
Expenditure Function
Gossen's Work
Gossen’s Work
Household Production Theory
household time allocation
indifference
Indirect Utility Function
intertemporal choice
labour supply models
leisure
leisure and work trade-off
marginal
Marginal Utility
Marginal Utility Schedules
Marshallian Demand Curves
Offer Curve
Pareto Efficient Allocations
Preference Loops
pure
Pure Leisure Time
Rolling Time Horizons
Slutsky Equation
space
time allocation in economic behaviour
two-constraint consumer theory
utilities
Vice Versa
welfare economics analysis
Product details
- ISBN 9780415250993
- Weight: 385g
- Dimensions: 156 x 234mm
- Publication Date: 29 Mar 2001
- Publisher: Taylor & Francis Ltd
- Publication City/Country: GB
- Product Form: Hardback
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Standard economic theory of consumer behaviour considers consumers' preferences, their incomes and commodity prices to be the determinants of consumption. However, consumption takes time and no consumer has more - or less - than 168 hours per week. This simple fact is almost invisible in standard theory, and takes the centre stage in this book. Whether one is 'money-rich but time-poor' or is 'money-poor and killing time', both money and time considerations matter.
Recognition that consumers are subject to both time and expenditure constraints makes a real difference to the economic theory of consumption. 'Two-constraint' theory is genuinely different in various respects from the familiar one-constraint theory. Income effects, substitution effects etc. have to be reconsidered, expenditure functions have to be redefined, and the results are sometimes surprising. It is not only the positive theory of consumption and labour supply that must be reworked, welfare economics too changes significantly when time constraints on consumption are given their proper due. The focus on time not only changes the comparative states of consumer theory, but it also overcomes some of the more artificial barriers between social theory and practical, everyday matters of altruism and interpersonal decision taking.
Ian Steedman (Manchester Metropolitan University, UK)
