Reference-Dependent Consumption Plans

• 成果类型: Article
• 署名作者: Koszegi, Botond; Rabin, Matthew
• 署名单位: University of California System; University of California Berkeley
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.99.3.909
• 发表日期: 2009
• 页码: 909-936
• 关键词: myopic loss aversion; decision-making; risk-taking; disappointment; preferences; INFORMATION; PSYCHOLOGY; utility; CHOICE

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)