A revised behavioral model of consumer durable demand

A general model of consumer demand for durable goods has recently been proposed by Pickering (1978,1981). Of particular note is the use of expectations of both personal financial and general economic conditions to capture the consumer's willingness to buy. However, it is argued first that these two expectations have Jointly interdependent rather than unique contributions to consumer confidence. In addition, it is proposed that the concept of expectations should be extended to specific product attributes as well. Pickering's model is subsequently revised to incorporate the conceptual modifications.