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Reconsidering the Economics of Demand Analysis with Kinked Budget Constraints.

This paper has two objectives. First, we identify a problem with the ability of the discrete-continuous choice framework and conditional demand functions to fully describe consumer preferences in the presence of kinked budget constraints. Second, we propose and illustrate an alternative, preference-...

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Published in:Land Economics Vol. 86; no. 1; pp. 173 - 191
Main Authors: Strong, Aaron, Smith, V. Kerry
Format: Article
Published: University of Wisconsin Press February 2010
Subjects:
Water utility rates
Economic demand
Mathematical models
Water consumption
Online Access:View this record in EBSCOhost