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- Title
ESTIMATES OF THE DISEQUILIBRIA IN POLAND'S CONSUMER MARKETS, 1965-1978.
- Authors
Podkaminer, Leon
- Abstract
Poland is experiencing an acute shortage of marketable commodities. Some economists attribute this situation to purely political motives. They reason that one could restore market equilibrium overnight, just by introducing equilibrium prices. According to the author a rigorous analysis based on the orthodox theory of consumer behaviour does not reveal any "irregularity" in the Polish consumer response patterns. Under these circumstances, the apparent oddity of the Polish consumer behaviour appears perfectly consistent with the consumption theory. The article presents a general model of consumer behaviour under partial rationing or shortage of some commodities and its consequences regarding the econometric identifiability of the resulting system of demand equations. The usual utility maximization assumption of the theory of household behaviour used as the basis for the explanation and prediction of consumer behaviour in the absence of market disequilibrium is a convincing and convenient construction in the context of a market where the shortages of commodities occur.
- Subjects
POLAND; CHOICE (Psychology); COMMERCIAL products; CONSUMER behavior; CONSUMER preferences; MARKET equilibrium; ECONOMICS; PRICES; CONSUMER research; CONSUMPTION (Economics)
- Publication
Review of Economics & Statistics, 1982, Vol 64, Issue 3, p423
- ISSN
0034-6535
- Publication type
Article
- DOI
10.2307/1925940