| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w20240
|
| 来源ID | Working Paper 20240
|
| Behavioral Indifference Curves |
| John Komlos
|
| 发表日期 | 2014-06-19
|
| 出版年 | 2014
|
| 语种 | 英语
|
| 摘要 | According to the endowment effect there is some discomfort associated with giving up a good, that is to say, we are willing to give up something only if the price is greater than the price we are willing to pay for it. This implies that the indifference curves should designate a reference point at the current level of consumption. Such indifference maps are kinked at the current level of consumption. The kinks in the curves imply that the utility function is not differentiable everywhere and the budget constraint does not always have a unique tangent with an indifference curve. Thus, price changes may not bring about changes in consumption which may be the reason for the frequent stickiness of prices, wages and interest rates. We also discuss a multiple period example in which the indifference map shifts as the reference point shifts implying that the curves cross over time even though tastes do not change. |
| 主题 | Other
; General, Teaching
; Microeconomics
; Behavioral Economics
; Households and Firms
|
| URL | https://www.nber.org/papers/w20240
|
| 来源智库 | National Bureau of Economic Research (United States)
|
| 引用统计 |
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577913
|
推荐引用方式
GB/T 7714 |
John Komlos. Behavioral Indifference Curves. 2014.
|
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