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ECON5510 Consumer Behaviour and Demand Analysis

Credit
6 points
Offering
AvailabilityLocationMode
Not available in 2021UWA (Perth)Face to face
Content
This is an advanced unit focusing on the economics of consumer behaviour and the specification and estimation of demand systems for agricultural commodities. The unit provides students with analytical skills valued by employers of agricultural economists and natural resource managers such as government departments, private sector organisations and research institutions. The focus of the unit is on understanding consumer theory—constrained utility maximisation, derivation of demand functions, properties of demand functions, and duality in the theory of consumer choice. Also covered is the development and estimation of both single equation and demand system models and the assessment and interpretation of empirical results. The unit equips students with the knowledge and skills required to undertake advanced economic analysis of consumer demand problems. At the end of the unit, students have a thorough understanding of the underlying theory of consumer behaviour and can formulate, estimate and test complete systems of consumer demand equations.
Outcomes
Students are able to (1) understand the economic theory that underpins consumer analysis, and think about economic and research problems in logical and systematic ways and (2) appreciate data and statistical issues related to consumer theory.
Assessment
Indicative assessments in this unit are as follows: (1) quizzes; (2) assignments; and (3) take-home examinations. Further information is available in the unit outline.

Supplementary assessment is not available in this unit.
Unit Coordinator(s)
Dr. Amin Mugera
Unit rules
Prerequisites:
enrolment in the Master of Agricultural Economics (73530) or the Master of Economics (42620) or the Master of Agricultural Science (72510) or the Master of Science (70630) or honours in the Faculty of Science or honours in the Business School
Co-requisites:
Nil.
Advisable prior study:
ECON5004 Microeconometric Models for Agriculture and Natural Resources and ECON5003 Fundamental Microeconomics for Agriculture and Policy
Incompatibility:
Nil.
Contact hours
lectures/tutorials: 3 hours per week for 10 weeks
Texts

Deaton, A. and Muellbauer, J. Economics and Consumer Behavior: Cambridge University Press 1980

Okrent, A. M. and Alston, J. M. Demand for Food in the United States: a Review of Literature, Evaluation of Previous Estimates and Presentation of New Estimates of Demand', Giannini Foundation Monograph Series, No. 48: Giannini Foundation of Agricultural Economics 2011

Debertin, D. L. Agricultural Production Economics, 2nd edn: privately published 2012. Available online at: https://www.uky.edu/~deberti/prod/AgprodCD2007/

Coelli, T., Rao, D. S . P., O’Donnell, C. J. and Battese, G. E. An Introduction to Efficiency and Productivity Analysis: Springer 2005

Chambers, R. Applied Production Analysis: a Dual Approach: Cambridge University Press 1988

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