全球智库信息集成服务系统(G2TT): We are all Behavioral, More or Less: Measuring and Using Consumer-level Behavioral Sufficient Statistics

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w25540
来源ID	Working Paper 25540
	We are all Behavioral, More or Less: Measuring and Using Consumer-level Behavioral Sufficient Statistics
	Victor Stango; Jonathan Zinman
发表日期	2019-02-11
出版年	2019
语种	英语
摘要	Can a behavioral sufficient statistic empirically capture cross-consumer variation in behavioral tendencies and help identify whether behavioral biases, taken together, are linked to material consumer welfare losses? Our answer is yes. We construct simple consumer-level behavioral sufficient statistics—“B-counts”—by eliciting seventeen potential sources of behavioral biases per person, in a nationally representative panel, in two separate rounds nearly three years apart. B-counts aggregate information on behavioral biases within-person. Nearly all consumers exhibit multiple biases, in patterns assumed by behavioral sufficient statistic models (a la Chetty), and with substantial variation across people. B-counts are stable within-consumer over time, and that stability helps to address measurement error when using B-counts to model the relationship between biases, decision utility, and experienced utility. Conditional on classical inputs—risk aversion and patience, life-cycle factors and other demographics, cognitive and non-cognitive skills, and financial resources—B-counts strongly negatively correlate with both objective and subjective aspects of experienced utility. The results hold in much lower-dimensional models employing “Sparsity B-counts” based on bias subsets (a la Gabaix) and/or fewer covariates, illuminating lower-cost ways to use behavioral sufficient statistics to help capture the combined influence of multiple behavioral biases for a wide range of research questions and applications.
主题	Econometrics ; Data Collection ; Microeconomics ; Households and Firms ; Welfare and Collective Choice ; Behavioral Economics ; Macroeconomics ; Financial Economics ; Behavioral Finance
URL	https://www.nber.org/papers/w25540
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/583213
推荐引用方式 GB/T 7714	Victor Stango,Jonathan Zinman. We are all Behavioral, More or Less: Measuring and Using Consumer-level Behavioral Sufficient Statistics. 2019.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w25540.pdf（1569KB）	智库出版物		限制开放	CC BY-NC-SA	浏览