| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w29517
|
| 来源ID | Working Paper 29517
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| Mistakes in Future Consumption, High MPCs Now |
| Chen Lian
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| 发表日期 | 2021-11-29
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| 出版年 | 2021
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| 语种 | 英语
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| 摘要 | In a canonical intertemporal consumption problem, I show how anticipation of future consumption mistakes leads to higher current marginal propensities to consume (MPCs). This result is driven by mistakes in future consumption’s response to saving changes (i.e., changes in asset balances) and is independent of their specific behavioral foundations. My framework can accommodate many widely studied behavioral biases, such as inattention, present bias, diagnostic expectations, and near-rationality (ϵ-mistakes). This channel helps explain the empirical puzzle on high-liquidity consumers’ high MPCs and can be significant. The same channel can also help explain other puzzles in intertemporal choices, such as violations of the fungibility principle, excess discounting of future income, and large risk aversion. Methodologically, I develop a general approach to study predictions of sophistication (i.e., the anticipation of future mistakes) independent of the underlying behavioral biases. |
| 主题 | Microeconomics
; Behavioral Economics
; Macroeconomics
; Consumption and Investment
; Financial Economics
; Behavioral Finance
|
| URL | https://www.nber.org/papers/w29517
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587191
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推荐引用方式
GB/T 7714 |
Chen Lian. Mistakes in Future Consumption, High MPCs Now. 2021.
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文件名：
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w29517.pdf
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格式：
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Adobe PDF
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