Reference-Dependent Consumption Plans

被引：258

作者：

Koszegi, Botond ^{[1
]}

Rabin, Matthew ^{[1
]}

机构：

[1] Univ Calif Berkeley, Dept Econ, Berkeley, CA 94720 USA

来源：

AMERICAN ECONOMIC REVIEW | 2009年 / 99卷 / 03期

关键词：

MYOPIC LOSS AVERSION; DECISION-MAKING; RISK-TAKING; DISAPPOINTMENT; PREFERENCES; INFORMATION; PSYCHOLOGY; UTILITY; CHOICE;

D O I：

10.1257/aer.99.3.909

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We develop a rational dynamic model in which people are loss averse over changes in beliefs about present and future consumption. Because changes in wealth are news about future consumption, preferences over money are reference-dependent. If news resonates more when about imminent consumption than when about future consumption, a decision maker might (to generate pleasant surprises) overconsume early relative to the optimal committed, increase immediate consumption following surprise wealth increases, and delay decreasing consumption following surprise losses. Since higher wealth mitigates the effect of bad news, people exhibit an unambiguous first-order precautionary-savings motive. (JEL D14, D81, D83, D91)

引用

页码：909 / 936

页数：28

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