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Author: Orazio P. Attanasio
Publisher:
ISBN:
Category : Automobile industry and trade
Languages : en
Pages : 60
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Book Description
This paper presents an (S, s) model for automobile consumption and estimates it using a data set of US households. The model allows for unobserved heterogeneity in both the target level and the band width, takes into account the possibility of a zero desired level, constrains the band to be non negative and allows asymmetric bands. The model is estimated on a novel data set which contains information on both stock values and automobile expenditure for a large number of households observed over a period of a year. The (S, s) rule is specified in terms of the ratio of car stock to non durables. The shortcuts usually employed in the empirical literature on (S, s) rules can be avoided thanks to the richness of the data set and the rigorous specification of the stochastic model. Having estimated the model and considered `goodness of fit' measures, aggregation issues are considered. First, the paper presents a number of negative results. Then, several simulations aimed at evaluating the effects induced by inertial behavior on aggregate dynamics are considered.
Author: Orazio P. Attanasio
Publisher:
ISBN:
Category : Automobile industry and trade
Languages : en
Pages : 60
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Book Description
This paper presents an (S, s) model for automobile consumption and estimates it using a data set of US households. The model allows for unobserved heterogeneity in both the target level and the band width, takes into account the possibility of a zero desired level, constrains the band to be non negative and allows asymmetric bands. The model is estimated on a novel data set which contains information on both stock values and automobile expenditure for a large number of households observed over a period of a year. The (S, s) rule is specified in terms of the ratio of car stock to non durables. The shortcuts usually employed in the empirical literature on (S, s) rules can be avoided thanks to the richness of the data set and the rigorous specification of the stochastic model. Having estimated the model and considered `goodness of fit' measures, aggregation issues are considered. First, the paper presents a number of negative results. Then, several simulations aimed at evaluating the effects induced by inertial behavior on aggregate dynamics are considered.
Author: Orazio P. Attansio
Publisher:
ISBN:
Category :
Languages : en
Pages : 31
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Book Description
Author: John B. Taylor
Publisher: Elsevier
ISBN: 9780444501578
Category : Business & Economics
Languages : en
Pages : 576
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Book Description
Annotation Part 6: Financial Markets and the Macroeconomy. 19. Asset prices, consumption, and the business cycle (J.Y. Campbell). 20. Human behavior and the efficiency of the financial system (R.J. Shiller). 21. The financial accelerator in a quantitative business cycle framework (B. Bernanke, M. Gertler and S. Gilchrist). Part 7: Monetary and Fiscal Policy. 22. Political economics and macroeconomic policy (T. Persson, G. Tabellini). 23. Issues in the design of monetary policy rules (B.T. McCallum). 24. Inflation stabilization and BOP crises in developing countries (G.A. Calvo, C.A. Vegh). 25. Government debt (D.W. Elmendorf, N.G. Mankiw). 26. Optimal fiscal and monetary policy (V.V. Chari, P.J. Kehoe).
Author:
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 548
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Book Description
Author: Xuanming Su
Publisher:
ISBN:
Category :
Languages : en
Pages : 35
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Book Description
This paper introduces a model to capture the behavioral phenomenon of inertia in inter-temporal consumer purchase decisions. We define inertia as the inherent tendency to refrain from making any purchase. This is represented by a utility premium that is required to trigger purchases. Inertia may induce consumers to wait even when it is optimal to buy immediately. We show that our model of inertia is consistent with well-established behavioral regularities, such as loss aversion and probability weighting in the sense of prospect theory, and hyperbolic time preferences.We embed this decision model within a dynamic pricing context. The firm has a fixed capacity of a particular product and sells it over two time periods to a market consisting of both rational and inertial consumers. We find that the depth of inertia (i.e., strength of inertial effects) always hurts seller profits but the breadth of inertia (i.e., the proportion of inertial consumers) may sometimes be beneficial. We offer practical recommendations for firms to influence both depth and breadth of consumer inertia.
Author: Robert F. Martin
Publisher:
ISBN:
Category : Consumption (Economics)
Languages : en
Pages : 58
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Book Description
Author: Francesco Parisi
Publisher: Oxford University Press
ISBN: 0191507199
Category : Business & Economics
Languages : en
Pages : 635
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Book Description
Covering over one-hundred topics on issues ranging from Law and Neuroeconomics to European Union Law and Economics to Feminist Theory and Law and Economics, The Oxford Handbook of Law and Economics is the definitive work in the field of law and economics. The book gathers together scholars and experts in law and economics to create the most inclusive and current work on law and economics. Edited by Francisco Parisi, the Handbook looks at the origins of the field of law and economics, tracks its progression and increased importance to both law and economics, and looks to the future of the field and its continued development by examining a cornucopia of fields touched by work in law and economics. The uniqueness of its breadth, depth, and convenience make the volume essential to scholars, students, and contributors in the field of law and economics.
Author: Orazio P. Attanasio
Publisher:
ISBN:
Category :
Languages : en
Pages : 31
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Book Description
Author: Tobias Brosch
Publisher: Frontiers Media SA
ISBN: 2889198804
Category : Engineering (General). Civil engineering (General)
Languages : en
Pages : 140
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Book Description
An increasing number of countries are shifting toward sustainable energy economies, emphasizing the use of renewable energy sources, increases in energy efficiency and the abatement of greenhouse gas emissions. The success of such an energy transition will depend not only on the development of new energy technologies, but also on major changes in the patterns of individual energy-related decisions and behaviors resulting in substantial reductions in energy demand. Consequently, the behavioral sciences can make important contributions to the energy transition by increasing our understanding of the multiple factors and mechanisms that underlie individual as well as group-based decisions and behaviors in the energy domain and by creating a basis for systematic interventions that reduce energy usage. Many different types of relevant behaviors and decisions need to be considered in this context, including decisions to invest in energy-efficient household equipment, adjustments of energy-critical habits related to heating, eating, or mode of transportation, and participation in the political discourse related to questions of energy. An integration of the expertise of the different disciplines of the behavioral sciences is thus needed to comprehensively investigate the impact of the different drivers and barriers that may determine energy-related decisions and behaviors, including economic factors such as price level, social factors such as norms, communication patterns and social learning processes, and individual factors such as values, attitudes, beliefs, heuristics, affective biases and emotions. The potential impact of these factors on the success of the energy transition is considerable: for example, a recent projection of the energy demand in Switzerland until 2050 has estimated the reduction potential related to psychological and sociological factors between 0% and 30%, depending on which behavioral changes will be implemented in society. Increased research efforts from the behavioral sciences are required to ensure that the full reduction potential can be achieved. This Research Topic brings together contributions from different disciplines such as psychology, affective science, behavioral economics, economics, sociology, consumer behavior, business science, sociology, and political science, that improve our understanding of the many factors underlying decision-making and behavior in the energy domain, and contribute to the development of targeted interventions that aim at reducing energy demand based on these factors.
Author:
Publisher:
ISBN:
Category : Consumer behavior
Languages : en
Pages : 560
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Book Description
