Gomes, Fábio Augusto Reis; Issler, João Victor - FGV/EPGE Escola Brasileira de Economia e Finanças, … - 2009
Consumption is an important macroeconomic aggregate, being about 70% of GNP. Finding sub-optimal behavior in consumption decisions casts a serious doubt on whether optimizing behavior is applicable on an economy-wide scale, which, in turn, challenge whether it is applicable at all. This paper...