Heterogeneity in Intra-Monthly Consumption Patterns, Self-Control, and Savings at Retirement

• 成果类型: Article
• 署名作者: Mastrobuoni, Giovanni; Weinberg, Matthew
• 署名单位: Collegio Carlo Alberto; Cornell University
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.1.2.163
• 发表日期: 2009
• 页码: 163-189
• 关键词: time preference; cycle; poverty

摘要

Using data from the Continuing Survey of Food Intake by Individuals, this paper describes the shape of consumption profiles over the month for Social Security benefit recipients that have saved different amounts for retirement. Individuals with income mostly made up of Social Security and savings smooth consumption over the pay period, while individuals without savings consume 25 percent fewer calories the week before they receive checks relative to the week afterwards. The findings for individuals without savings, who comprise about a fourth of our sample, are inconsistent with the standard Life Cycle-Permanent Income Hypothesis but are consistent with hyperbolic discounting.