In standard consumer demand analysis, it is implicitly assumed that consumers behave optimally and, thus, efficiently. However, optimality is a restrictive assumption to make for consumers’ actual behaviour. This study moves away from this restrictive assumption and develops a theoretical model for the analysis of consumer’s inefficiency in price-quantity space.
The Inverse Almost Ideal Demand System is employed for the empirical analysis of the demand for organic, integrated-agriculture, and conventional fresh vegetables, using a cross section data surveyed in Rethymno, Greece during the 2005-06 period.
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