Research on Consumer Demand
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Apply and describe the standard Utility Maximization Problem (UMP) to the market for breakfast cereals. Identify the goal, endogenous (i.e. choice) variables, exogenous variables and the economically important solutions to the model.
Summarize Hausman’s utility maximization process that gives the demand functions discussed in the paper (in section 5.3 of the paper). How is this approach similar to the standard UMP? How is it different from the standard UMP?
Summarize Hausman’s reasons as to why demand estimation is important. What application is Hausman investigating and how will estimating demand help provide the answer?
Hausman, J.A. (1996). Valuation of New Goods under Perfect and Imperfect Competition. In T.F. Bresnahan & R.J. Gordon (Eds.), The Economics of New Goods, (1st ed., pp. 207-248). Chicago, IL: University of Chicago Press.
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