An Empirical Analysis of Household Durable Goods Expenditure |
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actual stock addition and repair age group amount Arnold Zellner assume c₂ cash purchase change in desired change in expected Consumer credit purchase current income change decrease depreciation desired and actual desired stock determined dummy variable durable purchase durable stock Econometrica effect of income empirical estimates expected income expenditures formulation gap between desired head of spending home ownership house purchase household durables hypothesis income increase income level interpretation Jacob Mincer lagged effect lagged income change larger liquid assets marriage married number of children Orcutt otherwise outlay equation outlay function particular durable personal debt Probability Equations probability function probability of purchase purchase of durables purchase probability R₁ regression analysis Regression Coefficients regression equations reinterview data reinterview subsample residence response to income spending unit status variables stock of durables temporary income theoretical types of income unemployment unit has lived University of Pennsylvania ΔΥ