Habit formation in consumption: A meta-analysis
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11230%2F17%3A10360465" target="_blank" >RIV/00216208:11230/17:10360465 - isvavai.cz</a>
Result on the web
<a href="http://dx.doi.org/10.1016/j.euroecorev.2017.03.009" target="_blank" >http://dx.doi.org/10.1016/j.euroecorev.2017.03.009</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1016/j.euroecorev.2017.03.009" target="_blank" >10.1016/j.euroecorev.2017.03.009</a>
Alternative languages
Result language
angličtina
Original language name
Habit formation in consumption: A meta-analysis
Original language description
We examine 597 estimates of habit formation reported in 81 published studies. The mean reported strength of habit formation equals 0.4, but the estimates vary widely both within and across studies. We use Bayesian and frequentist model averaging to assign a pattern to this variance while taking into account model uncertainty. Studies employing macro data report consistently larger estimates than micro studies: 0.6 vs. 0.1 on average. The difference remains 0.5 when we control for 30 factOrs that reflect the context in which researchers obtain their estimates, such as data frequency, geographical coverage, variable definition, estimation approach, and publication characteristics. We also find that evidence for habits strengthens when researchers use lower data frequencies, employ log-linear approximation of the Euler equation, and utilize open-economy DSGE models. Moreover, estimates of habits differ systematically across countries. (C) 2017 Elsevier B.V. All rights 'reserved.
Czech name
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Czech description
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Classification
Type
J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database
CEP classification
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OECD FORD branch
50201 - Economic Theory
Result continuities
Project
<a href="/en/project/GA15-02411S" target="_blank" >GA15-02411S: Development and Applications of Meta-Regression Methods in Economics</a><br>
Continuities
P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)
Others
Publication year
2017
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
European Economic Review
ISSN
0014-2921
e-ISSN
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Volume of the periodical
95
Issue of the periodical within the volume
June
Country of publishing house
NL - THE KINGDOM OF THE NETHERLANDS
Number of pages
26
Pages from-to
142-167
UT code for WoS article
000402492600008
EID of the result in the Scopus database
2-s2.0-85017242354