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The Income Effect Reconsidered 重新考虑收入效应
ERN: Consumption Pub Date : 2018-11-23 DOI: 10.2139/ssrn.3289600
K. Israel
{"title":"The Income Effect Reconsidered","authors":"K. Israel","doi":"10.2139/ssrn.3289600","DOIUrl":"https://doi.org/10.2139/ssrn.3289600","url":null,"abstract":"There is an avoidable tension in a recently presented argument against the income effect from the perspective of Austrian or causal-realist price theory. The argument holds that a constant purchasing power of money is a necessary assumption for constructing an individual demand curve for a specific good, and hence that price changes along the demand curve are by definition incapable of exerting a “purchasing power effect,” that is, an income effect in standard neoclassical terminology. Price changes are, however, never neutral to the purchasing power of money. We show that the necessary assumption for the construction of a demand curve for a specific good is not the constant purchasing power of money as such, but rather constant opportunity costs of expending money on the good in question. On this basis we show that it is possible to derive a type of income effect in causal-realist price theory. Yet, it might be more appropriate to call it a “wealth effect.” Regardless of important and undeniable differences, the gulf between neoclassical and Austrian microeconomics on this point is thus smaller than it has been made to be.","PeriodicalId":431230,"journal":{"name":"ERN: Consumption","volume":"154 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134454848","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: 8
Making the Wait Worthwhile: Experiments on the Effect of Queueing on Consumption 让等待变得有价值:排队对消费影响的实验
ERN: Consumption Pub Date : 2018-11-13 DOI: 10.2139/ssrn.3007786
Sezer Ülkü, Chris Hydock, Shiliang Cui
{"title":"Making the Wait Worthwhile: Experiments on the Effect of Queueing on Consumption","authors":"Sezer Ülkü, Chris Hydock, Shiliang Cui","doi":"10.2139/ssrn.3007786","DOIUrl":"https://doi.org/10.2139/ssrn.3007786","url":null,"abstract":"This paper investigates the relationship between waiting time and subsequent purchase decisions. The prior literature assumes that purchase decisions are independent from the waiting time. By contr...","PeriodicalId":431230,"journal":{"name":"ERN: Consumption","volume":"109 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133110480","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: 38
Probabilistic Selling for Vertically Differentiated Products with Salient Thinkers 纵向差异化产品的概率销售与显著思考者
ERN: Consumption Pub Date : 2018-10-03 DOI: 10.1287/MKSC.2018.1145
Quan Zheng, X. Pan, J. Carrillo
{"title":"Probabilistic Selling for Vertically Differentiated Products with Salient Thinkers","authors":"Quan Zheng, X. Pan, J. Carrillo","doi":"10.1287/MKSC.2018.1145","DOIUrl":"https://doi.org/10.1287/MKSC.2018.1145","url":null,"abstract":"Probabilistic selling can improve a seller’s profit by recognizing consumers’ salient thinking behavior.","PeriodicalId":431230,"journal":{"name":"ERN: Consumption","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121793091","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: 21
Expenditure Visibility and Consumer Behavior: New Evidence 支出可见性与消费者行为:新证据
ERN: Consumption Pub Date : 2018-10-01 DOI: 10.2139/ssrn.3243791
Ori Heffetz
{"title":"Expenditure Visibility and Consumer Behavior: New Evidence","authors":"Ori Heffetz","doi":"10.2139/ssrn.3243791","DOIUrl":"https://doi.org/10.2139/ssrn.3243791","url":null,"abstract":"Expenditure visibility—the extent to which a household’s spending on a consumption category is noticeable to others—is measured in three new surveys, with ~3,000 telephone and online respondents. Visibility shows little change across time (ten years) and survey methods. Four different notions, or dimensions, of visibility are measured: the noticeability of above-average spending on a category; that of below-average spending; and the positivity/negativity of impressions made by above- and below-average spending. Jointly, these visibility measures explain up to three quarters or more of the observed variation in total-expenditure elasticities across consumption categories in U.S. data. Possible theoretical explanations are explored.","PeriodicalId":431230,"journal":{"name":"ERN: Consumption","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126764723","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: 2
Robust Consumption and Portfolio Policies When Asset Prices Can Jump 资产价格可能跃升时的强劲消费和投资组合政策
ERN: Consumption Pub Date : 2018-09-24 DOI: 10.2139/ssrn.2976562
Yacine Aït-Sahalia, Felix Matthys
{"title":"Robust Consumption and Portfolio Policies When Asset Prices Can Jump","authors":"Yacine Aït-Sahalia, Felix Matthys","doi":"10.2139/ssrn.2976562","DOIUrl":"https://doi.org/10.2139/ssrn.2976562","url":null,"abstract":"We study the consumption-portfolio allocation problem in continuous time when asset prices follow Levy processes and the investor is concerned about potential model misspecification. We derive optimal consumption and portfolio policies that are robust to uncertainty about the hard-to-estimate drift rate, jump intensity and jump size parameters. We also provide a semi-closed form formula for the detection-error probability and compare various portfolio holding strategies, including robust and non-robust policies. Our quantitative analysis shows that ignoring uncertainty leads to significant wealth loss for the investor.","PeriodicalId":431230,"journal":{"name":"ERN: Consumption","volume":"284 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131515503","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: 33
Asymmetric Consumption Smoothing 非对称消费平滑
ERN: Consumption Pub Date : 2018-09-01 DOI: 10.2139/ssrn.2370507
Brian Baugh, Itzhak Ben-David, Hoonsuk Park, J. Parker
{"title":"Asymmetric Consumption Smoothing","authors":"Brian Baugh, Itzhak Ben-David, Hoonsuk Park, J. Parker","doi":"10.2139/ssrn.2370507","DOIUrl":"https://doi.org/10.2139/ssrn.2370507","url":null,"abstract":"Analyzing account-level data from an account aggregator, we find that households increase consumption when they receive expected tax refunds, as if they face liquidity constraints. However, these same households smooth consumption when making payments in other years, primarily by transferring funds among liquid accounts. Even households carrying credit card debt smooth consumption when making payments, and even highly liquid households spend out of refunds. This behavior is inconsistent with pure liquidity constraints or hand-to-mouth behavior and is most consistent with a mental accounting life-cycle model. (JEL D12, E21, G51, H24, H31)","PeriodicalId":431230,"journal":{"name":"ERN: Consumption","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121902670","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: 23
Ambiguous Economic News and Heterogeneity: What Explains Asymmetric Consumption Responses? 模棱两可的经济新闻与异质性:如何解释不对称的消费反应?
ERN: Consumption Pub Date : 2018-08-09 DOI: 10.2139/ssrn.3229227
L. Corrado, Edgar Silgado-Gómez, Donghoon Yoo, R. Waldmann
{"title":"Ambiguous Economic News and Heterogeneity: What Explains Asymmetric Consumption Responses?","authors":"L. Corrado, Edgar Silgado-Gómez, Donghoon Yoo, R. Waldmann","doi":"10.2139/ssrn.3229227","DOIUrl":"https://doi.org/10.2139/ssrn.3229227","url":null,"abstract":"We study information and consumption and whether consumers respond symmetrically to good and bad news. We define a news variable and show that it has explanatory power. We, then, test the hypothesis that consumers react more to bad news than to good news using the PSID to analyze the response of households’ consumption to news about aggregate future income.We find that our news variable helps one predict households’ consumption change and that consumption responses are larger following negative (bad) news than positive (good) news and suggest that observed asymmetric consumption responses could be due to agents’ aversion to ambiguous information.","PeriodicalId":431230,"journal":{"name":"ERN: Consumption","volume":"87 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116434036","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
Intrahousehold Consumption Allocation and Demand for Agency: A Triple Experimental Investigation 家庭内部消费配置与代理需求:三重实验研究
ERN: Consumption Pub Date : 2018-08-01 DOI: 10.3386/W24977
U. Afzal, Giovanna d’Adda, M. Fafchamps, Farah Said
{"title":"Intrahousehold Consumption Allocation and Demand for Agency: A Triple Experimental Investigation","authors":"U. Afzal, Giovanna d’Adda, M. Fafchamps, Farah Said","doi":"10.3386/W24977","DOIUrl":"https://doi.org/10.3386/W24977","url":null,"abstract":"We conduct lab experiments to investigate demand for consumption agency in married couples from Pakistan. Most subjects are no better at guessing their spouse's preferences than those of a stranger, suggesting that individual executive agency has instrumental value. We find significant evidence of demand for agency in all experiments, varying with the cost and anticipated instrumental benefit of agency. But subjects often make choices incompatible with purely instrumental motives—e.g., paying for agency when knowing their partner assigned them their preferred choice. Female subjects are willing to exert agency even when they have little executive agency within their household. (JEL D13, D61, D91, J12, J16, O12)","PeriodicalId":431230,"journal":{"name":"ERN: Consumption","volume":"76 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131602589","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
Ordinal Marginal Preference Theory 有序边际偏好理论
ERN: Consumption Pub Date : 2018-07-13 DOI: 10.2139/ssrn.3213084
Jengnan Tzeng, Chung‐Cheng Lin, Shinn-Shyr Wang
{"title":"Ordinal Marginal Preference Theory","authors":"Jengnan Tzeng, Chung‐Cheng Lin, Shinn-Shyr Wang","doi":"10.2139/ssrn.3213084","DOIUrl":"https://doi.org/10.2139/ssrn.3213084","url":null,"abstract":"The model in which an individual maximizes his total ordinal or cardinal utility subject to his budget constraint is a paradigm of individual choice theory in economics. The advantage of ordinal utility theory is that utility is immeasurable, but it is inconsistent with common sense, for example, as in the principle of diminishing marginal utility and complementarity defined by cross-derivatives of utility. The advantage of cardinal utility theory is its consistency with common sense, but its problem is that utility is measurable. This leads to a dilemma whenever an economist creates a utility maximization model, as they must either abandon common sense or postulate that utility is measurable. The conundrum of how to develop a utility theory that is immune to this dilemma has remained unsolved until today. This paper presents an ordinal marginal utility theory that solves this puzzle.","PeriodicalId":431230,"journal":{"name":"ERN: Consumption","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123620746","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
Expanding Financial Access Via Credit Cards: Evidence from Mexico 通过信用卡扩大金融渠道:来自墨西哥的证据
ERN: Consumption Pub Date : 2018-07-01 DOI: 10.3386/w24849
Sara G. Castellanos, Diego Jiménez Hernández, A. Mahajan, Enrique Seira
{"title":"Expanding Financial Access Via Credit Cards: Evidence from Mexico","authors":"Sara G. Castellanos, Diego Jiménez Hernández, A. Mahajan, Enrique Seira","doi":"10.3386/w24849","DOIUrl":"https://doi.org/10.3386/w24849","url":null,"abstract":"Credit card debt is increasingly common among poor and inexperienced borrowers – thus de facto a financial inclusion product. However, it remains relatively under-studied. We use detailed card level data and a product that accounted for 15% of all first-time formal loans in Mexico and show that default rates are high and ex-ante unpredictable for new borrowers – suggesting an important role for ex-post contract terms in limiting risk. However, using a large nation-wide experiment we find that default is unresponsive to minimum payment increases, a commonly proposed policy remedy. We provide evidence that the zero result is driven by the offsetting effects of tightened liquidity constraints and lower debt burdens. Surprisingly, we also find muted default responses to large experimental changes in interest rates – suggesting a limited role for ex-post moral hazard in our context. Finally, we use job displacements to document large effects of unemployment on default, highlighting the centrality of idiosyncratic shocks as a barrier to the expansion of formal credit among poorer populations.","PeriodicalId":431230,"journal":{"name":"ERN: Consumption","volume":"99 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127257798","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
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