Satiated Consumers: Allocation of Consumption Time in an Affluent Society

Wolfgang Fellner, Roman J. Seidl

Publication: Scientific journalJournal articlepeer-review

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Abstract

Based on Ian Steedman's seminal contribution 'Consumption Takes Time', we propose a formal activity-based model for consumer behaviour. The model simultaneously incorporates choices over consumption time, as well as quantities and qualities of products consumed. We identify and examine preconditions for satiation with products and draw implications for economic policy. Satiation with products explains the limited effects of price or income changes on demand and questions the pertinence of economic growth for development. It further highlights the relevance of working time reductions for well-being.
Original languageEnglish
Pages (from-to)534 - 563
JournalMetroeconomica
Volume66
Issue number3
DOIs
Publication statusPublished - 2015

Austrian Classification of Fields of Science and Technology (ÖFOS)

  • 502047 Economic theory

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