 Facts and figures about UK taxes, benefits and public spending.
Income distribution, poverty and inequality.
Analysing government fiscal forecasts and tax and spending.
Analysis of the fiscal choices an independent Scotland would face.
Case studies that give a flavour of the areas where IFS research has an impact on society.
Reforming the tax system for the 21st century.
A peer-reviewed quarterly journal publishing articles by academics and practitioners.
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This paper sets out necessary and sufficient empirical conditions for rational intrinsic habits models in the revealed preference tradition of Samuelson (1948), Houthakker (1950), Afriat (1967), and Browning (1989). The conditions in the paper are shown to be computationally straightforward and to yield set identification for certain features of the model. The ideas outlined are applied to a microeconomic panel dataset. The addition of habit formation to the discounted utility model is shown to improve the rationalizability of the microdata considerably. Even if habit formation is rejected, it is shown that modest and plausible allowance for heterogeneity in prices and interest rates is sufficient to bring consumption behaviour into line with the theory. Search |
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