MICROECONOMIC DETERMINANTS OF HOUSEHOLD WELFARE IN RUSSIAN SOCIETY
Keywords:
per capita expenditure, household consumption, non-consumption expenditure, monetary dimension, living costs, equal allocation, poverty models, economic benefits, income earners, welfareAbstract
Central attention of scholars and policymakers has been devoted to measuring the economic wellbeing of the aggregate society by means of households. By conducting household surveys, one might predict the intensity of monetary and fiscal reforms and their ability to affect household final expenditure. This research paper aims at revealing several microeconomic determinants of household expenditure in the Russian society, proposing a model built within the borders of the dataset chosen. Dependent variable, expenditure is chosen as a proxy for a household welfare, as it is a good indicator of permanent income and long-term average wellbeing, while choice of explanatory variables is relied on the opinions of scholars, discussed in the literature review part. I attempt to use the new approach in the case of Russia by following RLMS guidelines to determine the head of the family. As the primary sources, Basic Econometrics (Gujarati et al, 2009) and Introductory Econometrics (Wooldridge, 2016) were utilized.
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