to consume (MPCs). Our main contribution is to document how MPCs vary with household characteristics and prize size, and … of large prizes (USD 8,300-150,000) is slightly below one half. While the consumption responses we find are high, their …

cycle. Decreasing discounting helps a canonical life-cycle model to explain the household saving puzzles of undersaving when … young and oversaving after retirement. Relative to the model with constant discounting, the model’s fit to consumption and …

information on consumption, income and wealth, to structurally estimate a buffer-stock saving model. We exploit the information …We use the Italian Survey of Household Income and Wealth, a rather unique dataset with a long time dimension of panel … contained in the joint dynamics of income, consumption and wealth to quantify the degree of insurance against income risk. The …

policies with a constant saving rate for an economy with log-utility and Cobb-Douglas production technology and an economy with … isoelastic utility and linear production technology. In all cases, the Kantian saving rate is higher than the saving rate of …

-hyperbolic discounting. When agents recognize others' naivete, as strongly suggested by empirical evidence, they revise consumption paths …, as is typically assumed in the literature, they revise both consumption paths and price expectations (quasi …. We show that generically quasi-hyperbolic discounting matters for saving behavior: sliding equilibrium under perfect …

portfolios, observed in the Household Finance and Consumption Survey (HFCS) for these countries. We then show that the … heterogeneity in household finances implies that responses of consumption to changes in the real interest rate and in house prices …This paper quantifies the extent of heterogeneity in consumption responses to changes in real interest rates and house …