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In this paper we analyze a large sample of individual responses to six lottery questions. We derive a simultaneous estimate of risk aversion and the time preference discount rate per individual. This can be done because the consumption of a large prize is smoothed over a larger time period. It...
Persistent link: https://www.econbiz.de/10001771963
This paper estimates how online consumer spending responds to changes in air pollution. We address the endogeneity of air pollution in affecting household consumption by exploiting plausibly exogenous variations in air quality caused by China's Huai River heating policy. We use a comprehensive...
Persistent link: https://www.econbiz.de/10014030382
Unique administrative data on a representative population’s cognitive abilities, spending, and financials reveal that consumers at or below median cognitive abilities barely react when their incentives to spend or borrow change, even if they earn high incomes and are financially unconstrained...
Persistent link: https://www.econbiz.de/10014347387
We investigate the impact of the universal stimulus payments (100-350 thousand KRW per person) distributed by the largest Korean province of Gyeonggi under the COVID-19 pandemic on household consumption using large-scale credit and debit card data from the Korea Credit Bureau. As the neighboring...
Persistent link: https://www.econbiz.de/10013229717
Many households have insufficient savings to handle moderate and routine consumption shocks. Many of these financially fragile households also have the highest lottery expenditures as a proportion of income. This combination suggests that Prize-Linked Savings (PLS) accounts, that combine...
Persistent link: https://www.econbiz.de/10009631456
In this paper we analyze a large sample of individual responses to six lottery questions. We derive a simultaneous estimate of risk aversion and the time preference discount rate per individual. This can be done because the consumption of a large prize is smoothed over a larger time period. It...
Persistent link: https://www.econbiz.de/10011507761
In this paper we analyze a large sample of individual responses to six lottery questions. Wederive a simultaneous estimate of risk aversion ? and the time preference discount rate ? perindividual. This can be done because the consumption of a large prize is smoothed over a largertime period. It...
Persistent link: https://www.econbiz.de/10011333268
This paper evaluates theoretical explanations for the propensity of households to increase spending in response to the arrival of predictable, lump-sum payments, using households in the Nielsen Consumer Panel who received $25 million in Federal stimulus payments that were distributed randomly...
Persistent link: https://www.econbiz.de/10013004250
This paper uses a unique panel dataset of consumer financial transactions to study how consumers respond to an exogenous unanticipated income shock. Consumption rose significantly after the fiscal policy announcement: during the ten subsequent months, for each dollar received, consumers on...
Persistent link: https://www.econbiz.de/10013064215
I design and implement a large scale field experiment in an economy that had been experiencing a decade-long debt-driven consumption boom, in which I construct a randomized credit line extension that isolates selection and interest rate effects, and track impulse responses using comprehensive...
Persistent link: https://www.econbiz.de/10012828206