Do Consumers Really Follow a Rule of Thumb? Three Thousand Estimates from 144 Studies Say ‘Probably Not’
We show that three factors combine to explain the mean magnitude of excess sensitivity reported in studies estimating the consumption response to income changes: the use of macro data, publication bias, and liquidity constraints. When micro data are used, publication bias is corrected for, and households under examination have substantial liquidity, the literature implies little evidence of deviations from consumption smoothing. The result holds when we control for 45 additional variables reflecting the methods employed by researchers and use Bayesian model averaging to account for model uncertainty. The estimates produced by this literature are also systematically affected by the size of the change in income and the chosen measure of consumption.
Youth are, by definition, the future. This book brings initial analyses to bear on youth in the five BRICS countries: Brazil, Russia, India, China and South Africa, which are home to nearly half of the world's youth. Very little is known about these youth outside of their own countries since the mainstream views on "youth" and "youth culture" are derived from the available literature on youth in the industrialized West, which is home to a small part of the world's youth. This book aims to help fill in this gap.
The handbook examines the state of youth, their past, present and permits the development of insights about future. The BRICS countries have all engaged in development processes and some remarkable improvements in young people's lives over recent decades are documented. However, the chapters also show that these gains can be undermined by instabilities, poor decisions and external factors in those countries. Periods of economic growth, political progress, cultural opening up and subsequent reversals rearticulate differently in each society. The future of youth is sharply impacted by recent transformations of economic, political and social realities. As new opportunities emerge and the influence of tradition on youth's lifestyles weakens and as their norms and values change, the youth enter into conflict with dominant expectations and power structures.
The topics covered in the book include politics, education, health, employment, leisure, Internet, identities, inequalities and demographics. The chapters provide original insights into the development of the BRICS countries, and place the varied mechanisms of youth development in context. This handbook serves as a reference to those who are interested in having a better understanding of today's youth. Readers will become acquainted with many issues that are faced today by young people and understand that through fertile dialogues and cooperation, youth can play a role in shaping the future of the world.
Gastronomic consumption practices are one of the main ways of forming the corporeal human identity, a marker of his/her cultural and social status. Specificity of food as a material medium of symbols and signs, which are assimilate d at the level of the most direct corporeal experience, determines its consumption as a complex system of communication links. Today, the practice of food consumption in the form of fast food is especially relevant and registers new forms and ways of communication, not only gastronomic, but also reflecting power and new gender relations. It can be argued that it is in the form of fast food (Mac-food) the symbolic content of food overcame and absorbed its physical and technical aspects.
Beer was the drink of choice in many ancient societies and throughout the past centuries in large parts of the world. Right now, it is globally by far the most important alcoholic drink, in volume and value terms. The largest brewing companies have developed into global multinationals. The beer market is characterized by strong growth in emerging economies, by a substantial decline of (per capita) beer consumption in traditional markets, and a shift to new products. There has been a strong interaction between governments (politics) and markets (economics) in the beer industry. For centuries, taxes on beer or its raw materials were a major source of tax revenue for governments. Governments have also regulated the beer industry for reasons related to quality, health, and competition. The beer market is not only an interesting sector to study in itself but also yields important general economic insights. This book is the first economic analysis of the beer market and brewing industry. It comprises a comprehensive and unique set of economic research and analysis on the economics of beer and brewing. The various chapters cover economic history and development, demand and supply, trade and investment, geography and scale economies, technology and innovation, health and nutrition, quantity and quality, industrial organization and competition, taxation and regulation, and regional beer market developments.
Along with the fast growing economy, the term «BRICs» was coined to represent the newly emerging countries — Brazil, Russia, India and China. The enhanced economy in these countries has largely improved peoples life; at the same time, it has also strongly influenced the transformation of social structure, norms and values. However, as the worlds attention centers on their economic development at the micro level, the social changes at the micro level have often been neglected, and a specific comparative study of these four countries is even more rare. This handbooks contributing authors are leading sociologists in the four countries. They fill the gap in existing literature and examine specifically the changes in each society from the perspective of social stratification, with topics covering the main social classes, the inequality of education and income, and the different styles of consumption as well as the class consciousness and values. Under every topic, it gathers articles from authors of each country. Such a comparative study could not only help us achieve a better understanding of the economic growth and social development in these countries, but also lead us to unveil the mystery of how these emerging powers with dramatic differences in history, geography, culture, language, religion and politics could share a common will and take joint action. In general, the handbook takes a unique perspective to show readers that it is the profound social structural changes in these countries that determine their future, and to a large extent, will shape the socio-economic landscape of the future world.
This article addresses the questions, What do children in urban areas do on Saturdays? What type of organizational resources do they have access to? Does this vary by social class? Using diary data on children’s activities on Saturdays in the Phoenix-Mesa-Scottsdale metropolitan area, the authors describe the different types of venues (households, businesses, public space, associations, charities, congregations, and government/tribal agencies) that served different types of children. They find that the likelihood of using a charity or business rather than a government or tribal provider increased with family income. Also, the likelihood of using a congregation or a government facility rather than business, charity, or household increased with being Hispanic. The authors discuss implications for the urban division of labor on Saturdays and offer research questions that need further investigation.
According to interdisciplinary theory of architecture and sociology by A. Amin and N. Thrift, presented in their book Cities. Reimagining the Urban, the light sociality is the main way of individuals interaction in city space. In this context, consumption appears to be one of the basic forms of individuals self-expression on one hand, and on the other hand - one of the basic forms of urban communication. We deal with consumption in its general meaning - as a complex of all individuals consumption-related practices that are transparent in space of light sociality. Consumption practices become agents of light sociality, producing ambivalent encounters that emotionally affect individuals realizing those practices, and those who observe them. In this way consumption takes part in governmentality of the city spaces.
The goal of this chapter is to provide empirical evidence of the effect of differential migration strategies on poverty in Nepal. We model the effect of remittances and work migration on consumption of households with a migrants. Using the cross-sectional sample of the nationally representative Nepal Living Standart Survey of 2004, we estimate a model of household migration decisions jointly with the consumption equations by the method of full information maximum likelihood (FIML) with instrumental variables. The method takes into account unobserved household characteristics that could simultaneously affect household migration decisions and household income. We simulate counterfactual expenditure distributions to determine the effect of work-related migration on the levels of aggregate poverty and inequality in Nepal. While most of the recent papers on the effect of migration on inequality and poverty have controlled for heterogeneity and selection in terms of unobserved characteristics, to the best of our knowledge this is the first study using FIML to estimate the trivariate selection model in this context. The novelty of the study resides on separating different effects of domestic and international migration on household welfare.
The concept and aim of evidence-based entrepreneurship (EBE) is discussed as a strategy to overcome the divide between knowledge developed in the field of entrepreneurship and its use in practice. We argue that meta-analyses can and should be used in entrepreneurship research (and that it should also be used for qualitative work).
The paper observes the main patterns of youth consumption and leisure in contemporary Russia. It relies on the Russian Longitudinal Monitoring Survey of HSE, a set of nationally representative household-based surveys which includes data collected from 1994 to 2013. The data shows that by 2010 the level of youth consumption has risen along with the households’ overall income and expenditure. Since financial problems were alleviated, there was a redistribution of time between work and leisure, so youth turned to the active cultural consumption, including non-entertainment services. However, the total increase in products and services consumed went hand in hand with the rise of differentiation in the availability of durables, patterns of consumption and leisure practices.