A nonparametric framework derives necessary and sufficient conditions to rationalize observed prices and choices under dynamic habit-forming preferences and applies it to cereal scanner data.
∂zc t u(˜zt) ∂za t u(˜zt) # + (Aa)′βt h ∂za t u(˜zt+1) i .(19) At the terminal date, condition (B2) reduces underπ1 T+1 ≡0to ρT ≥A ′βT−1
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When Does Static Willingness to Pay Mislead? A Framework for Dynamic Hedonic Valuation
A nonparametric framework derives necessary and sufficient conditions to rationalize observed prices and choices under dynamic habit-forming preferences and applies it to cereal scanner data.