Microeconomics: Intertemporal Consumer Choice & Savings eJournal最新文献

{"title":"The Consumption Effects of the Disposition to Sell Winners and Hold Losers","authors":"Benjamin Loos, Steffen Meyer, Michaela Pagel","doi":"10.3386/w26668","DOIUrl":"https://doi.org/10.3386/w26668","url":null,"abstract":"We use individual-level data on all security trades, holdings, spending, and income from an online retail bank. We study the effects of an exogenous change in the displayed purchase prices of the mutual funds in individuals’ portfolios. We find that individuals are more likely to sell what we call fictitious winners, i.e., funds that are winners under the newly displayed purchase price but are losers under the actual purchase price. We also document that individual consumption increases in response to realizing fictitious capital gains. We thus document a causal link among purchase prices, trades, and consumption using observational data and find that the trading and consumption results are more prevalent for less-informed investors. We thereby document a marginal propensity to consume out of (confused) capital gains, which is informative about the literature on consumption out of stock market wealth.","PeriodicalId":176300,"journal":{"name":"Microeconomics: Intertemporal Consumer Choice & Savings eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129222546","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Using Labor Supply Elasticities to Learn about Income Inequality: The Role of Productivities versus Preferences","authors":"K. Bergstrom, W. Dodds","doi":"10.1596/1813-9450-9102","DOIUrl":"https://doi.org/10.1596/1813-9450-9102","url":null,"abstract":"Using a general labor supply model in which individuals choose how much to work conditional on productivities and preferences for consumption relative to leisure, we show that the mapping from earnings and hours worked to productivities and preferences can be expressed entirely in terms of reduced-form labor supply elasticities. We investigate the roles that productivities and preferences play in driving income inequality in the United States. Benchmark labor supply elasticity estimates from the literature imply that productivities drive most income inequality. Preferences become increasingly important relative to benchmark, with larger income effects or larger differences between earnings and hours-worked elasticities. (JEL J22, J24, D31, J31, H24, H31)","PeriodicalId":176300,"journal":{"name":"Microeconomics: Intertemporal Consumer Choice & Savings eJournal","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116933696","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Inequality, Poverty and the Intra-Household Allocation of Consumption in Senegal","authors":"P. De Vreyer, S. Lambert","doi":"10.1596/1813-9450-9121","DOIUrl":"https://doi.org/10.1596/1813-9450-9121","url":null,"abstract":"\u0000 Intra-household inequalities have long been a source of concern for policy design, but there is very little evidence about their effects. The current practice of ignoring inequality within households could lead to an underestimation of both overall inequality and poverty levels, as well as to the misclassification of some individuals with regard to their poverty status. Using a novel survey for Senegal in which consumption data were collected at a disaggregated level, this paper quantifies these various effects. In total, two opposing effects, one on mean and one on inequality, compensate each other in terms of the overall poverty rate, but individual poverty statuses are affected. Intra-household consumption inequalities account for 14 percent of inequality in Senegal. This study has also uncovered the fact that household structure and organization are key correlates of intra-household inequality and individual risk of poverty.","PeriodicalId":176300,"journal":{"name":"Microeconomics: Intertemporal Consumer Choice & Savings eJournal","volume":"112 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128033748","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Higher Education: Does Debt Beat Savings?","authors":"David Stackpole","doi":"10.2139/ssrn.3512143","DOIUrl":"https://doi.org/10.2139/ssrn.3512143","url":null,"abstract":"This paper investigates the possible opportunity cost of using standard college savings plans against the advantages of using debt to pay for college. In addition, it presents a practical argument for using debt in place of college savings plans in certain instances. By doing so, investors may not only be able to mitigate the difficulty of saving, but also realize greater financial benefit in the long run.","PeriodicalId":176300,"journal":{"name":"Microeconomics: Intertemporal Consumer Choice & Savings eJournal","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115492431","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Nonlinear Pricing for Yield Management and Countering Strategic Consumer Behavior","authors":"M. Khouja, Yuefeng Li, Jing Zhou","doi":"10.2139/ssrn.3561185","DOIUrl":"https://doi.org/10.2139/ssrn.3561185","url":null,"abstract":"Many models in operations management assume that faced with excess inventory, retailers offer price discounts to increase sales. This discount is assumed to be a certain dollar amount per unit or a certain percent of the regular price. However, many retailers use nonlinear pricing, e.g. \"Buy one, get one for 50% off\" and \"Buy two, get the third free\", which we refer to as BOGO. We analyze BOGO promotions within the newsvendor model framework and identify the reasons for its popularity among retailers. We describe the type of products for which BOGO promotions are suitable, identify the optimal BOGO discount, and its effect on the retailer's profit. We compare the BOGO promotions to the straight price reduction promotions and analyze the newsvendor's optimal choice between them. We also examine the two promotions in the presence of strategic consumers. We find that for reasonable values of consumer marginal utility and a given order quantity, BOGO reduces strategic consumers' chances of obtaining a unit at a discount and their incentive to wait. Therefore, the newsvendor orders a larger quantity with BOGO than with a straight price reduction. Thus, BOGO promotions can be used by the newsvendor to counter strategic consumer behavior. Also, we find that in the presence of strategic consumers, there are some cases where it is optimal for the retailer to wait and discount the product at the end of the season. However, with BOGO it is always optimal to offer the BOGO promotion at the start of the season when realized demand is low.","PeriodicalId":176300,"journal":{"name":"Microeconomics: Intertemporal Consumer Choice & Savings eJournal","volume":"Vol. 38 11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121557555","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"‘The Company We Keep:’ Endogenous Network Formation and Peer Effects in Customer Churn","authors":"Yijun Chen, Yulia Nevskaya","doi":"10.2139/ssrn.3502849","DOIUrl":"https://doi.org/10.2139/ssrn.3502849","url":null,"abstract":"Online connectivity and other technologies provide academic researchers and practitioners with unprecedented access to data on social interactions between consumers in the process of adoption and consumption of products, services, and ideas. In many cases, the social connections that can be recovered from such data are fundamentally endogenous. This paper addresses the endogeneity in social connections in empirical measurement of peer effects in customer churn. Understanding peer effect in churn decisions is of paramount importance in many industries where products or services are consumed in a socially connected manner, both online and offline, as lost customers hurt revenue streams and are expensive to replenish. Equipped with knowledge of causality, managers can craft effective retention campaigns. To tackle the peer network endogeneity issue, we directly model the process of social network formation based on observed consumer interactions during product use. After accounting for the choice of peers, we model the interdependence of agents' churn decisions and estimate the causal peer effect in churn. Modeling the network formation process first allows us to recover the unobserved individual-specific parameters that might affect both peer network formation and individuals' decisions to churn. The recovered latent individual-specific parameters correct for tie endogeneity in the peer effect model. We use data from the popular massively multiplayer online game World of Warcraft. We find significant evidence of the network formation outcome being largely explained by the latent characteristics of gamers. We also find a strong peer effect in churn decisions after controlling for the network endogeneity. Based on our estimation results, we run counterfactual simulation studies to investigate how churn dynamic in the network is affected by composition of gamers that determines the generated network structure. We provide recommendations to inform a company’s policy of inducing formation of guilds that suffer less from peer effect in churn.","PeriodicalId":176300,"journal":{"name":"Microeconomics: Intertemporal Consumer Choice & Savings eJournal","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125644246","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Dynamic Cost of Living Index for Storable Goods","authors":"Kōzō Ueda","doi":"10.2139/ssrn.3501932","DOIUrl":"https://doi.org/10.2139/ssrn.3501932","url":null,"abstract":"Abstract Consumers hold inventory for future uses. This study investigates how such intertemporal decisions influence the cost-of-living index (COLI). To this end, I construct a simple dynamic model, in which goods are storable and nonresalable, and prices take either high (regular price) or low values (sales), and then introduce two types of dynamic COLIs. I find that neither index satisfies both monotonicity and the time reversal test.","PeriodicalId":176300,"journal":{"name":"Microeconomics: Intertemporal Consumer Choice & Savings eJournal","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115395085","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Hedonic and Utilitarian Orientation towards the Purchase Intention of Laptop; the Mediating Effect of Information Quality. An Empirical Study of Ghana","authors":"Mei Qiang, Gyamfi-Yeboah Kwabena, Wenyuan Li, Sikander Ali Qalati, Daria Erusalkina","doi":"10.34218/ijm.10.6.2019.020","DOIUrl":"https://doi.org/10.34218/ijm.10.6.2019.020","url":null,"abstract":"In our diurnal cycles, a purchase is performed all the time and at this instant, we are always forced to reflect for a second to choose between two main product types being utilitarian and hedonic. Utilitarian products being practical, functional, and instrumental to satisfy the individuals \"needs\" whereas hedonic products are accompanied by sensational and experiential effects to satisfy the individuals \"wants\". Previous studies have over the years has revealed that there is always a hint of a quilt when the product to be purchased is hedonic or has hedonic characteristics as compared to products with utilitarian attributes.. This research seeks to investigates the effect of information quality (i.e., that is a selected different dimension of information quality being completeness, concise representation, consistent representation and free from error given to a potential customer before a purchase is made) which will be in favor of hedonic or utilitarian products. The process in which consumers selecting themselves on whether to purchase the two laptop concepts being Conovo laptop \" Hedonic product in this scenario\" or the Maximus laptop \" Utilitarian product\" after the observation of a manipulated detailed specifications of each product. Laptop concepts were used in this study to do away with any bias associated with any distinct laptop brand.","PeriodicalId":176300,"journal":{"name":"Microeconomics: Intertemporal Consumer Choice & Savings eJournal","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116867464","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Can the Consumption–Wealth Ratio Predict Housing Returns? Evidence from OECD Countries","authors":"G. Caporale, Ricardo M. Sousa, M. Wohar","doi":"10.1111/1540-6229.12135","DOIUrl":"https://doi.org/10.1111/1540-6229.12135","url":null,"abstract":"We use a representative consumer model to analyze the relation between the transitory deviations of consumption from its common trend with aggregate wealth and labor income, cay, and the housing risk premium. The evidence based on data for 15 OECD countries shows that, if financial and housing assets are seen as complements, investors will temporarily allow consumption to rise when they expect a rise in future housing returns. By contrast, if housing assets are treated as substitutes for financial assets, consumption will be reduced.","PeriodicalId":176300,"journal":{"name":"Microeconomics: Intertemporal Consumer Choice & Savings eJournal","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134299644","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"부동산 관련 가계부채의 적정부채비율에 관한 실증연구 - 45세 이상 중고령자 가구를 중심으로 (A Study on the Proper Debt Ratio of Real Estate Related Debt - Focused on Middle-Aged People Over 45 Years Old)","authors":"Ming Chang Li, Hongjoo Jung","doi":"10.2139/ssrn.3508763","DOIUrl":"https://doi.org/10.2139/ssrn.3508763","url":null,"abstract":"Korean Abstract: 우리나라는 빠른 고령화와 함께 가계부채 비중이 높은 인구집단이 중고령층으로 이전되고 있다. 중고령자 가계가 생애주기 중․후반에 놓여 있음에도 불구하고 인당 평균부채가 연령의 증가와 더불어 줄어들지 않는 이유는 부동산 투자와 관련이 깊은 것으로 파악됐다. \u0000본고는 중고령자 가계의 부채유형 중에서 부동산 관련 부채로 분류되는 주택구입 관련 대출과 전월세 임대보증금을 연구대상으로 설정하고 이들 부채를 투자를 위한 자금조달의 수단으로 가정하여 기업의 적정부채비율 관련 이론을 가계에 접목시켜 살펴보았다. 기업의 적정부채비율 관련 이론 중 가장 대표적인 이론이 상충이론이다. 기본 주장은 기업에서 가치극대화를 위해 적정부채비율(또는 최적부채비율)을 추구한다는 것이다. 가계에서 부를 창출하는 노력을 기업이 가치극대화를 추구하는 노력과 비슷한 맥락으로 \u0000해석할 수 있다면 가계에서도 적정부채비율 관련 이론들이 적용될 가능성이 높다. 이에, 본고는 45세 이상 중고령자 가구단위로 설정한 부채비율이 시간(t)경과에 따라 적정한 수준으로 조정하는지를 검증함으로 적정부채비율의 존재가능성을 확인하였다. 연구모형은 동태적 분석방법인 부분조정모형을 적용하였고 분석자료는 한국고용정보원에서 조사한 고령화연구패널(KLoSA)조사 1~6차 자료를 활용하였다. \u0000주요 연구결과는 다음과 같다. \u0000첫째, 부동산 관련 부채를 보유중인 중고령자 가계에서 적정부채비율을 추구하는 것으로 확인되었다. 적정부채비율에 영향을 미치는 핵심요인은 가계의 수익성을 대변하는 총소득 대비 잉여자금비율, 가계의 건전성을 대변하는 부채소득비율, 가계규모를 대변하는 총자산, 가계의 담보력을 대변하는 유형성비율과 시장지표인 주택매매가격지수와 실질담보대출금리인 것으로 나타났다. \u0000둘째, 주택구입 관련 대출만 보유중인 중고령자 가계는 적정부채비율을 추구하는지 확인할 수 없었다. 부채비율이 시간(t)경과에 따라 하향 조정하는 것으로 나타났다. \u0000셋째, 전월세 임대보증금만 보유중인 중고령자 가계는 시간경과에 따라 부채비율이 적정수준으로 조정하는 모습을 보였다. 또, 분석기간 동안 부채비율은 적정부채수준을 향해 상향 조정하는 추이를 보였다. \u0000종합적으로, 중고령자 가계가 생애주기가설의 주장과 달리 부채상환이 늦어지고 높은 부채수준을 유지하는 주된 이유는 전월세 임대보증금과 관련성이 높다. 즉, 중고령자 일수록 자산을 형성하거나 노후소득을 충당하기 위해 전월세 임대보증금을 활용하려는 경향이 높음으로 해석할 수 있다. \u0000 \u0000English Abstract: The primary holders of household debt are shifting to middle-aged people due to the aging population in South Korea. The reason why the average per capita debt of middle- aged households does not decrease with age is related to real estate investment. The purposes of this paper are to investigate the debt ratio of home purchase loans and lease deposits, which correspond to the real estate-related liabilities of middle-aged households, and whether the debt ratio tends to return to an appropriate level over time. \u0000 \u0000This paper applies a partial adjustment model as a dynamic analysis method. Analysis subjects included households with the primary owner aged 45 or older and analyzed data obtained from the KLoSA survey 1 - 6. The main research results are as follows. \u0000 \u0000First, in the case of middle-aged households with real estate-related debt, capital structure theory found that there is an appropriate debt ratio, and the existence of the proper debt ratio in terms of household growth is a reasonable decision. The key factors affecting the debt ratio are the ratio of surplus funds to gross income, the rate of debt income to household assets, the total assets that represent the household size, the tangible share of households' Home sales price index, and real mortgage lending rate. Second, there is no proper debt ratio in middle-aged households with only loans related to the purchase of housing, and the debt ratio is downwardly adjusted according to time. Third, there is an appropriate debt ratio in middle-aged households with only lease deposits, and the debt ratio has been upwardly revised. \u0000 \u0000In general, the reason that middle-aged household debt is delayed in debt repayment and maintains a high debt level seems to be th","PeriodicalId":176300,"journal":{"name":"Microeconomics: Intertemporal Consumer Choice & Savings eJournal","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114366466","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}