ECONOMETRIC MODEL OF PERSONAL CONSUMPTION
DOI:
https://doi.org/10.7251/ZREFIS1408099PKeywords:
personal consumption, the econometric model, random walk, utility optimizationAbstract
Aggregate consumer spending is the major part of total consumption, and thus it is the most important factor in the economic development of every country. Therefore, the theoretical and empirical research on personal spending is significant for determining its present and future features, content and size. The econometric methodology is inevitable to gain this knowledge. The theoretical and econometric contributions of "random walk model" are investigated and analyzed herein, including utility optimization and life cycle econometric model.References
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