Do consumers really follow a rule of thumb? Three thousand estimates from 144 studies say "probably not"
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11230%2F20%3A10394601" target="_blank" >RIV/00216208:11230/20:10394601 - isvavai.cz</a>
Result on the web
<a href="https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=40KddIy3Q" target="_blank" >https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=40KddIy3Q</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1016/j.red.2019.05.004" target="_blank" >10.1016/j.red.2019.05.004</a>
Alternative languages
Result language
angličtina
Original language name
Do consumers really follow a rule of thumb? Three thousand estimates from 144 studies say "probably not"
Original language description
We show that three factors combine to explain the mean magnitude of excess sensitivity reported in studies estimating the consumption response to income changes: the use of macro data, publication bias, and liquidity constraints. When micro data are used, publication bias is corrected for, and households under examination have substantial liquidity, the literature implies little evidence of deviations from consumption smoothing. The result holds when we control for 45 additional variables reflecting the methods employed by researchers and use Bayesian model averaging to account for model uncertainty. The estimates produced by this literature are also systematically affected by the size of the change in income and the chosen measure of consumption.
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/GX19-26812X" target="_blank" >GX19-26812X: Frontiers in Energy Efficiency Economics and Modelling - FE3M</a><br>
Continuities
P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)
Others
Publication year
2020
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
Review of Economic Dynamics
ISSN
1094-2025
e-ISSN
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Volume of the periodical
35
Issue of the periodical within the volume
January
Country of publishing house
US - UNITED STATES
Number of pages
26
Pages from-to
97-122
UT code for WoS article
000507471500005
EID of the result in the Scopus database
2-s2.0-85066413237