Consumer behavior changes across income levels: meat market analysis

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Consumer behavior changes across income levels: meat market analysis

Please use this identifier to cite or link to this item: http://hdl.handle.net/10355/15815

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dc.contributor.advisor Brown, Scott en_US
dc.contributor.author Song, Woo Jin
dc.date.accessioned 2012-10-22T14:59:46Z
dc.date.available 2012-10-22T14:59:46Z
dc.date.issued 2011
dc.date.submitted 2011 Spring en_US
dc.identifier.other SongW-101012-D6284
dc.identifier.uri http://hdl.handle.net/10355/15815
dc.description Title from PDF of title page (University of Missouri--Columbia, viewed on October 22, 2012). en_US
dc.description The entire thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file; a non-technical public abstract appears in the public.pdf file. en_US
dc.description Dissertation advisor: Dr. Scott Brown en_US
dc.description Includes bibliographical references. en_US
dc.description Vita. en_US
dc.description Ph.D. University of Missouri-Columbia, 2011. en_US
dc.description Dissertations, Academic -- University of Missouri--Columbia -- Agricultural economics. en_US
dc.description "May 2011" en_US
dc.description.abstract This study intends to test how consumer behavior changes across income levels using time series data of the meat markets in Korea and the U.S. An income growth is one of the most significant and powerful trends in the modern economy and expected to continue its trend in the future. So finding relationships between income growth and consumer behavior can offer a higher level of understanding of both the current and future demand. Three relationships are found in the Korean and American meat market: (1) Since meat products are more desirable, even though meat is more expensive than other food, substitution of meat for grain appears to occur at a low income level. As a consequence, they have a property of being luxury goods when income is low and eventually become a necessity as income rises. (2) As income growth occurs, it makes the relative price and the expenditure share for meat to become smaller. These diminished prices and shares are likely to make consumers feel less sensitive to changes in price or income. As a result, price and income elasticities become smaller in absolute value as income rises. (3) Consumption is expanded as income rises and this expansion follows the order of urgency. A good on the expansion frontier faces severe competition in terms of the marginal utility. As a result, a good for which demand increases with incomes has a high possibility to maintain its elasticities even though income rises. en_US
dc.format.extent vi, 114 pages en_US
dc.language.iso en_US en_US
dc.publisher University of Missouri--Columbia en_US
dc.subject consumer behavior en_US
dc.subject income growth en_US
dc.subject meat products en_US
dc.subject relative price en_US
dc.title Consumer behavior changes across income levels: meat market analysis en_US
dc.type Thesis en_US
thesis.degree.discipline Agricultural economics en_US
thesis.degree.grantor University of Missouri--Columbia en_US
thesis.degree.name Ph. D. en_US
thesis.degree.level Doctoral en_US
dc.relation.ispartofcommunity University of Missouri-Columbia. Graduate School. Theses and Dissertations. Dissertations. 2011 Dissertations
dc.relation.ispartofcollection 2011 Freely available dissertations (MU)


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