How forward looking are consumers? Further evidence for the United States.
A modified version of a standard model of consumption is developed to test how forward looking consumers are. The model supports the existence of both rule-of-thumb consumers and consumers who are, to some degree, myopic with regard to their future income and taxes. However, the model assumes that...
| Publicado en: | Southern Economic Journal Vol. 66; no. 4; pp. 991 - 1001 |
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| Formato: | Artículo |
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Southern Economic Association
April 2000
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=511158462&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 511158462 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00384038 SEJ jtl: Southern Economic Journal issn: 00384038 maglogo: N pubinfo: dt: April 2000 vid: 66 iid: 4 pid: 1482 pub: Southern Economic Association artinfo: ui: 511158462 10.2307/1061540 ppf: 991 ppct: 10 formats: fmt: @attributes: type: T tig: atl: How forward looking are consumers? Further evidence for the United States. aug: au: Himarios, Daniel su: Mathematical models of consumption Dynamic programming Income United States sug: subj: United States Mathematical models of consumption Dynamic programming Income ab: A modified version of a standard model of consumption is developed to test how forward looking consumers are. The model supports the existence of both rule-of-thumb consumers and consumers who are, to some degree, myopic with regard to their future income and taxes. However, the model assumes that this latter set of consumers is behaving in a manner that is “boundedly rational,” whereas consumers' quasi-myopic behavior actually derives from many sources and does not necessarily mean that they are not optimizing. The model suggests that the simple permanent income hypothesis fails to accurately describe consumer behavior. The model was tested using data for the United States for the period 1951–1990 and evidence of myopic behavior among consumers was found. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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