DSpace - Tor Vergata: Item 2108/198

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DC Field	Value	Language
contributor.author	Giamboni, Luigi	-
contributor.author	Waldmann, Robert	-
date.accessioned	2006-02-07T11:41:21Z	-
date.available	2006-02-07T11:41:21Z	-
date.issued	2004-02-14	-
identifier.uri	http://hdl.handle.net/2108/198	-
description.abstract	This paper studies whether anomalies in consumption can be explained by a behavioral model in which agents do not have rational expectations and make predictable errors in forecasting income. We use a micro-data set containing subjective expectations about future income. The paper shows that, the null hypotheses of rational expectations is rejected in favor of the behavioral model, as that consumption responds to predictable forecast errors. On average agents who we predict are too pessimistic increase consumption after the predictable positive income shock. On average agents who are too optimistic reduce consumption.	en
format.extent	321905 bytes	-
format.mimetype	application/pdf	-
language.iso	en	en
publisher	CEIS	en
relation.ispartofseries	Quaderni CEIS; 202	-
subject	behavioral economics	en
subject	subjective expectations	en
subject	rational expectations	en
subject	consumption and saving	en
subject.classification	SECS-P/05; Econometria	en
title	A Behavioral model of consumption	en
type	Article	en
subject.jel	D11; Consumer economics: theory	en
subject.jel	D12; Consumer economics: empirical analysis	en
subject.jel	D84; Expectations, speculations	en
Appears in Collections:	Quaderni

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