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Predicting Utility Under Satiation and Habit Formation
Baucells, Manel; Sarin, Rakesh K. - In: Management Science 56 (2010) 2, pp. 286-301
We introduce a modification of the discounted utility model that accounts for both satiation and habit formation in … intertemporal choice. Preferences depend on the satiation level and the habitual consumption level. These two state variables … choice settings. If subjects underestimate the changes in satiation and habituation levels, as occurs under projection bias …
Persistent link: https://www.econbiz.de/10009191334
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An Optimising Model for Monetary Policy Analysis: Can Habit Formation Help?
Fuhrer, Jeffrey C. - Reserve Bank of Australia - 1998
In earlier work (Fuhrer 1997a), I document what I view as the failure of standard models of representative consumer and firm behaviour to replicate the dynamics that we observe in the aggregate data. In essence, these models fail because they imply that both inflation and real variables must...
Persistent link: https://www.econbiz.de/10005423583
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Theorie und Ethik des Konsums : Reflexion auf die normativen Grundlagen sozialökonomischer Konsumtheorien
Knobloch, Ulrike - 1994
Persistent link: https://www.econbiz.de/10004182628
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Preferences, uncertainty, and optimality : essays in honor of Leonid Hurwicz
Chipman, John Somerset (contributor) - 1990
Persistent link: https://www.econbiz.de/10004092234
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International consumption comparisons : a system-wide approach
Theil, Henri; Suhm, Frederick E. - 1981
Persistent link: https://www.econbiz.de/10004717223
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The present state of consumer theory
Roth, Timothy P. - 1987
Persistent link: https://www.econbiz.de/10004678196
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Functional form and utility : a review of consumer demand theory
Goldberger, Arthur Stanley - 1987 - 1. [Dr.]
Persistent link: https://www.econbiz.de/10004062745
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Methodologische Implikationen neuerer verbrauchertheoretischer Ansätze für die praktische Verbraucherpolitik
Herhaus, Michael - 1989
Persistent link: https://www.econbiz.de/10004066486
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Aggregation in economic research : from individual to macro relations
Daal, Jan van; Merkies, Arnoldus H. Q. M. - 1984
Persistent link: https://www.econbiz.de/10004760482
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Decision Making Over Time and Under Uncertainty: A Common Approach
Prelec, Drazen; Loewenstein, George - In: Management Science 37 (1991) 7, pp. 770-786
This paper considers a number of parallels between risky and intertemporal choice. We begin by demonstrating a one-to-one correspondence between the behavioral violations of the respective normative theories for the two domains (i.e., expected utility and discounted utility models). We argue...
Persistent link: https://www.econbiz.de/10009214615