Do consumers really follow a rule of thumb? Three thousand estimates from 144 studies say "probably not"

Kód výsledku v 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>

Výsledek na webu

<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>

Jazyk výsledku

angličtina

Název v původním jazyce

Do consumers really follow a rule of thumb? Three thousand estimates from 144 studies say "probably not"

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

Do consumers really follow a rule of thumb? Three thousand estimates from 144 studies say "probably not"

Popis výsledku anglicky

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.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50201 - Economic Theory

Projekt

<a href="/cs/project/GX19-26812X" target="_blank" >GX19-26812X: Excelence v ekonomickém výzkumu energetické efektivity a modelování dopadů - FE3M</a><br>

Návaznosti

P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Rok uplatnění

2020

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Review of Economic Dynamics

ISSN

1094-2025

e-ISSN

—

Svazek periodika

35

Číslo periodika v rámci svazku

January

Stát vydavatele periodika

US - Spojené státy americké

Počet stran výsledku

26

Strana od-do

97-122

Kód UT WoS článku

000507471500005

EID výsledku v databázi Scopus

2-s2.0-85066413237