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Please use this identifier to cite or link to this item: http://hdl.handle.net/2108/198

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contributor.authorGiamboni, Luigi-
contributor.authorWaldmann, Robert-
description.abstractThis 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.extent321905 bytes-
relation.ispartofseriesQuaderni CEIS; 202-
subjectbehavioral economicsen
subjectsubjective expectationsen
subjectrational expectationsen
subjectconsumption and savingen
subject.classificationSECS-P/05; Econometriaen
titleA Behavioral model of consumptionen
subject.jelD11; Consumer economics: theoryen
subject.jelD12; Consumer economics: empirical analysisen
subject.jelD84; Expectations, speculationsen
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