| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21772 |
| 来源ID | Working Paper 21772 |
| Explaining Consumption Excess Sensitivity with Near-Rationality: Evidence from Large Predetermined Payments | |
| Lorenz Kueng | |
| 发表日期 | 2015-12-07 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Using new transaction data I find that consumption is excessively sensitive to salient, predetermined, large and regular payments from the Alaska Permanent Fund, with a large average marginal propensity to consume (MPC) of 30% for nondurables and services. This excess sensitivity is very heterogeneous: The deviation from the standard consumption model is largest for households for whom the loss from failing to smooth consumption is smallest in terms of equivalent variation. The estimated MPCs are monotonically decreasing in the loss and increasing in income for households with sufficient liquidity. I show that the economically and statistically significant excess sensitivity is consistent with households following near-rational alternative plans. For macroeconomic policies, such as an economic stimulus program, these near-rational alternatives might represent the more relevant behavior than the standard consumption model. |
| 主题 | Microeconomics ; Households and Firms ; Behavioral Economics ; Macroeconomics ; Consumption and Investment ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w21772 |
| 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/579446 |
| 推荐引用方式 GB/T 7714 | Lorenz Kueng. Explaining Consumption Excess Sensitivity with Near-Rationality: Evidence from Large Predetermined Payments. 2015. |
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