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The Two Demands: Why a Demand for Non-Consumable Money is Different From a Demand For Consumable Goods 两种需求:为什么对非消费货币的需求不同于对消费商品的需求
ERN: Consumption Pub Date : 2020-05-10 DOI: 10.2139/ssrn.3601683
Dmitry V. Levando
{"title":"The Two Demands: Why a Demand for Non-Consumable Money is Different From a Demand For Consumable Goods","authors":"Dmitry V. Levando","doi":"10.2139/ssrn.3601683","DOIUrl":"https://doi.org/10.2139/ssrn.3601683","url":null,"abstract":"The paper explicitly discusses the key differences between a demand for consumables and demand for (non-consumable) credit money. For example, in contrast to consumables, money cannot be demanded by only one agent; it is a stock variable; credit requires special arrangements to implement trust now to clear up a debt later; for a finite time period there is zero demand for nonconsumable money (Hahn paradox). These issues are important for developing micro-foundations of monetary macroeconomics, including those for a liquidity trap and credit crunches, not well investigated in existing literature. Contemporary economic theory already has some answers, initiated by works of Martin Shubik. These micro-foundations are vitally important for understanding a credit crisis and credit cycle as interactions between real and financial sectors of economic systems.","PeriodicalId":431230,"journal":{"name":"ERN: Consumption","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129998007","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}
引用次数: 0
Does the Selfish Life-Cycle Model Apply in the Case of Japan? 自私的生命周期模型适用于日本吗?
ERN: Consumption Pub Date : 2020-03-31 DOI: 10.2139/ssrn.3566755
C. Horioka
{"title":"Does the Selfish Life-Cycle Model Apply in the Case of Japan?","authors":"C. Horioka","doi":"10.2139/ssrn.3566755","DOIUrl":"https://doi.org/10.2139/ssrn.3566755","url":null,"abstract":". In this paper, we first provide a brief exposition of the simplest version of the selfish life cycle model or hypothesis, which is undoubtedly the most widely used theoretical model of household behavior in economics, and then survey the literature on household saving behavior in Japan (with emphasis on the author’s own past research) to shed light on whether or not the selfish life-cycle model applies in the case of Japan. In particular, we survey the literature on the impact of the age structure of the population on the saving rate, the saving behavior of retired households, saving motives, the prevalence of bequests, bequest motives, tests of altruism, and the importance of borrowing (liquidity) constraints and show that almost all of the available evidence suggests that the selfish life-cycle model applies to a greater extent in Japan than it does in other countries. Finally, we discuss the policy implications of our findings.","PeriodicalId":431230,"journal":{"name":"ERN: Consumption","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115334028","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}
引用次数: 0
Satisfaction in Action: Hume's Endogenous Theory of Preferences and the Virtues of Commerce 行动中的满足:休谟的内生偏好理论与商业的优点
ERN: Consumption Pub Date : 2020-03-19 DOI: 10.2139/ssrn.3557266
Erik W. Matson
{"title":"Satisfaction in Action: Hume's Endogenous Theory of Preferences and the Virtues of Commerce","authors":"Erik W. Matson","doi":"10.2139/ssrn.3557266","DOIUrl":"https://doi.org/10.2139/ssrn.3557266","url":null,"abstract":"Hume’s theory of preferences would, from a contemporary point of view, be labelled an endogenous theory of preferences. He sees preferences largely as comparative desires that are formed and affected by the psychological process of sympathy. His view of preferences relates to his economic philosophy. Despite his understanding of preferences, Hume is, unlike some other thinkers with related perspectives like Thorstein Veblen, enthusiastic about the prospects of commercial society, claiming in one of his essays that the ages of commerce and refinement are both the happiest and the most virtuous. An important reason for such enthusiasm lies in the fact that he understands happiness or well-being to largely consist in the process of actively pursuing one’s preferences, not necessarily in the state of having one’s preferences satisfied.","PeriodicalId":431230,"journal":{"name":"ERN: Consumption","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122257848","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}
引用次数: 10
Solving the Milk Addiction Paradox 解决牛奶成瘾悖论
ERN: Consumption Pub Date : 2020-03-03 DOI: 10.2139/ssrn.3567643
D. Dragone, Davide Raggi
{"title":"Solving the Milk Addiction Paradox","authors":"D. Dragone, Davide Raggi","doi":"10.2139/ssrn.3567643","DOIUrl":"https://doi.org/10.2139/ssrn.3567643","url":null,"abstract":"The milk addiction paradox refers to an empirical finding in which commodities that are typically considered to be non addictive, such as milk, appear instead to be addictive. This result seems more likely when there is persistence in consumption and when using aggregate data, and it suggests that the AR(2) model typically used in the addiction literature is prone to produce spurious result in favor of rational addiction. Using both simulated and real data, we show that the milk addiction paradox disappears when estimating the data using an AR(1) linear specification that describes the saddle-path solution of the rational addiction model. The AR(1) specification is able to correctly discriminate between rational addiction and simple persistence in the data, to test for the main features of rational addiction, and to produce unbiased estimates of the short and long-run elasticity of demand. These results hold both with individual and aggregated data, and they suggest that, for testing rational addiction, the AR(1) model is a better empirical alternative than the canonical AR(2) model.","PeriodicalId":431230,"journal":{"name":"ERN: Consumption","volume":"289 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131793696","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}
引用次数: 0
Unpacking Household Engel Curves 拆封家用恩格尔曲线
ERN: Consumption Pub Date : 2020-03-01 DOI: 10.3386/w26850
P. De Vreyer, S. Lambert, M. Ravallion
{"title":"Unpacking Household Engel Curves","authors":"P. De Vreyer, S. Lambert, M. Ravallion","doi":"10.3386/w26850","DOIUrl":"https://doi.org/10.3386/w26850","url":null,"abstract":"The classic Working-Leser household Engel curve is unpacked to reveal individual budget allocations across commodities as a function of both individual and household total spending. Two main findings emerge on calibrating our model to an unusual sub-household dataset for Senegal. First, for all except education spending, our results are consistent with the separable structures found in two-stage bargaining and collective models of the household. Second, there are large biases in standard household Engel-curve estimates when compared to consistently aggregated sub-household estimates, though in differing degrees and directions depending on the type of commodity. The main source of bias is a household effect on sub-household spending behavior, though this is partially offset by a bias due to intra-household inequality, which emerges as a confounder in aggregating to the household level.","PeriodicalId":431230,"journal":{"name":"ERN: Consumption","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131874639","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}
引用次数: 4
How to Compute the Largest Number of Rationalizable Choices 如何计算可合理选择的最大数量
ERN: Consumption Pub Date : 2020-02-21 DOI: 10.2139/ssrn.3542493
John Rehbeck
{"title":"How to Compute the Largest Number of Rationalizable Choices","authors":"John Rehbeck","doi":"10.2139/ssrn.3542493","DOIUrl":"https://doi.org/10.2139/ssrn.3542493","url":null,"abstract":"When checking revealed preference conditions on experimental or field data, a commonly reported measure of choice consistency is a function of the largest number of rationalizable choices. While there are known methods to compute the largest number of rationalizable choices for the standard consumer problem with linear budgets, computation of this object is unknown for general budget sets. In this paper, I provide a mixed-integer linear program that facilitates computation of the largest number of rationalizable choices for general budget sets.","PeriodicalId":431230,"journal":{"name":"ERN: Consumption","volume":"69 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133239979","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}
引用次数: 1
Regulation and Purchase Diversity: Empirical Evidence from the U.S. Alcohol Market 监管和购买多样性:来自美国酒精市场的经验证据
ERN: Consumption Pub Date : 2020-01-31 DOI: 10.2139/ssrn.3548142
Shuay-Tsyr Ho, Bradley Rickard
{"title":"Regulation and Purchase Diversity: Empirical Evidence from the U.S. Alcohol Market","authors":"Shuay-Tsyr Ho, Bradley Rickard","doi":"10.2139/ssrn.3548142","DOIUrl":"https://doi.org/10.2139/ssrn.3548142","url":null,"abstract":"Abstract The repeal of the Prohibition Act in 1933 introduced state-level regulations on the retail availability of alcoholic beverages. Recently there has been much debate among industry stakeholders on how changes to these laws will affect consumer choices. We develop an index to measure purchase diversity for alcoholic beverages that considers similarities in product attributes. Following a set of households that moved between regulatory environments during the 2004 to 2016 period, we examine the effect of alcohol availability on purchase diversity. Our key finding shows that consumers further diversify their product selections in states that allow alcohol sales in grocery stores.","PeriodicalId":431230,"journal":{"name":"ERN: Consumption","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127447905","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}
引用次数: 1
日本でライフ・サイクル仮説は成り立っているか？(Does the Life Cycle Hypothesis Apply in the Case of Japan?) 生命周期假说在日本成立吗?(Does the Life Cycle Hypothesis Apply in the Case of Japan?)
ERN: Consumption Pub Date : 2020-01-15 DOI: 10.2139/ssrn.3519618
C. Horioka
{"title":"日本でライフ・サイクル仮説は成り立っているか？(Does the Life Cycle Hypothesis Apply in the Case of Japan?)","authors":"C. Horioka","doi":"10.2139/ssrn.3519618","DOIUrl":"https://doi.org/10.2139/ssrn.3519618","url":null,"abstract":"In this paper, we first discuss the simplest version of the life cycle model, which is arguably the most widely used theoretical model in economics, and then consider whether or not the life cycle model applies in the case of Japan using a variety of methodologies and data and placing emphasis on the author’s own research. In particular, we survey the literature on the impact of the age structure of the population on the saving rate, on the saving behavior of retired households, on saving motives, on the importance of bequests, on bequest motives, on the prevalence of altruism, and on the importance of borrowing (liquidity) constraints and show that almost all previous research suggests that the life cycle model is more applicable in Japan than it is in other countries. Thus, the answer to the question posed in the title of this paper is an unqualified “yes.” Finally, we discuss the policy implications of our finding that the life cycle model applies in the case of Japan.","PeriodicalId":431230,"journal":{"name":"ERN: Consumption","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130997732","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}
引用次数: 0
I Spot, I Adopt! Peer Effects and Visibility in Solar Photovoltaic System Adoption of Households 我发现，我收养!家庭太阳能光伏系统采用的同伴效应和可见性
ERN: Consumption Pub Date : 2020-01-14 DOI: 10.2139/ssrn.3469548
J. Rode, Sven Müller
{"title":"I Spot, I Adopt! Peer Effects and Visibility in Solar Photovoltaic System Adoption of Households","authors":"J. Rode, Sven Müller","doi":"10.2139/ssrn.3469548","DOIUrl":"https://doi.org/10.2139/ssrn.3469548","url":null,"abstract":"We study variation of peer effects in rooftop photovoltaic adoption by households. Our investigation employs geocoded data on all potential adopters and on all grid-connected photovoltaic systems set up in Germany through 2010. We construct an individual measure of peer effects for each potential adopter. For identification, we exploit exogenous variation in two dimensions of photovoltaic system roof appropriateness of neighbors: their inclination and their orientation. Using discrete choice models with panel data, we find evidence for causal peer effects. However, the impact of one previously installed PV system on current adoption decreases over time. We also show that visible PV systems cause an increase in the odds of installing which is up to three times higher in comparison to all PV systems. At rural locations visibility may be less important, which indicates that word-of-mouth communication plays a stronger role.","PeriodicalId":431230,"journal":{"name":"ERN: Consumption","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121986594","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}
引用次数: 9
The Gap Between Attitudes and Behavior in Ethical Consumption: A Critical Discourse 伦理消费中态度与行为的差距:一种批判话语
ERN: Consumption Pub Date : 2019-12-31 DOI: 10.3126/qjmss.v1i2.27446
P. Budhathoki
{"title":"The Gap Between Attitudes and Behavior in Ethical Consumption: A Critical Discourse","authors":"P. Budhathoki","doi":"10.3126/qjmss.v1i2.27446","DOIUrl":"https://doi.org/10.3126/qjmss.v1i2.27446","url":null,"abstract":"Background: Although consumers are increasingly concerned with ethical factors when forming product opinions and making purchase decisions, recent studies have highlighted significant differences between consumers’ ethical consumption intentions and their actual buying behavior.Various dimensions concerning how consumers make purchase and consumption decisions and the driving forces behind them have been identified through this study.<br><br>Objectives: This paper aims to explore the factors leading the gap between attitudes and behavior of consumers in relation to ethical consumption.<br><br>Methods: The desk review carried out on various related studies reflects that the factors that obstruct the process of ethical consumption and thereby being responsible in forming attitude-behavior gap, which can be helpful in the course of management decision implications worth encouragement of ethical consumption behavior. Moreover, conceptual framework that has been developed for ethical consumption also indicates the factors responsible for creating ethical intention-behavior gap.<br><br>Findings: This study derives concepts on ethical consumption from literature survey and identifies consumers’ understanding level on ethical consumption. Likewise, the study also provides a comprehensive picture of factors impeding ethical consumption among consumers while providing some theoretical and analytical applications.<br><br>Conclusions: Price, quality, taste, brand image of products and convenience are some of the considerable issues while buying, due to which consumers’ ethical concerns towards society and environment are not transformed into their consumption behavior.","PeriodicalId":431230,"journal":{"name":"ERN: Consumption","volume":"15 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":"129022740","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}
引用次数: 6
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