intrapersonal income redistribution, which is inherent in the German tax-benefit system. Disentangling the income redistribution in … this way shows that the extent of intrapersonal income redistribution in Germany is indeed very high. In particular …, unemployment benefits exhibit a large share of redistribution that occurs within the life cycle of the individuals. In the second …

We present a new partial equilibrium theory of price adjustment, based on consumer loss aversion. In line with prospect … theory, the consumers' perceived utility losses from price increases are weighted more heavily than the perceived utility … depends on the consumers' rational price expectations from the recent past. By implication, demand responses are more elastic …