subjects receive about the likelihood of income shocks, whether subjects are informed about other people‘s beliefs about these … the income shock – consumption decisions are surprisingly close to the optimal consumption path. If at all, more … behavior is robust to the framing and other people‘s beliefs about income shocks. Given that actual decisions are signicantly …

saving plans when they face different income profiles. We find that for every income profile we consider, subjects on average … and any sudden drop in income reduces their lifetime utility. We conduct a specification search for a model to explain our …

This paper considers the effect of status or relative income on work effort combining experimental evidence from a gift …. The individual's rank in the income distribution is a stronger determinant of effort than others' average income …: those who received higher income offers or had higher income rank in the past exert lower levels of effort for a given …

income or earn and retain the income for a period before making intertemporal decisions. We hypothesize that loss aversion in … hypothesis: among subjects who earn and retain their income we elicit substantially higher discount rates relative to those …