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W. Fellner, R. Seidl:
"Dynamic Consumer Behavior";
Vortrag: Schumpeter Conference 2011, Wien; 27.10.2011 - 30.10.2011; in: "Schumpeter Conference 2011 - The Evolution of the Theory of Evolution", (2011).

We develop an agent-based consumption model. Instead of goods, time use for di erent activities is considered as object of value. Agents are assumed to have time targets for di erent activities and try to satisfy them under a time and a budget constraint. Contrary to mainstream assumptions and in accordance with Steedman (2001), time and money are considered as irreducible dimensions of consumer behavior. Depending on the relative scarcity of time and budget, agents react di erently to changes in price, income and available time. We derive changes in demand: Engel curves, a demand curve and time-availability curves. Furthermore, the model allows taking into account endogenous changes of preferences and learning behavior. It can be used to analyze a large range of important phenomena of dynamic consumer behavior.

consumer theory, time use, endogenous preferences