This paper examines the impact of changes in household wealth on homeowners' consumption behavior using recent panel data of Japanese households. For an average household, we find the elasticity of consumption spending with respect to household wealth to be roughly 1.0% for housing and 1.8% for...

This paper provides an in-depth investigation of Epstein-Zin preferences under an uncertain lifetime. These models have been gaining popularity as normative preference models in life-cycle applications. Though extensively used, it is unclear if the preference models are well-understood by the...

Accessing products instead of owning them is becoming increasingly popular. In case of both types of consumption modes being available, consumers face the choice between traditional ownership and access. A better understanding of consumption mode choice is not only an important step towards a...