Gärling, Tommy; Gamble, Amelie; Christandl, Fabian - In: Journal of Behavioral and Experimental Economics … 47 (2013) C, pp. 11-15
We conjecture that lay people extrapolate past inflation, evaluate product prices relative to recalled reference prices, and perceive income increases as opportunities to increase consumption. From these conjectures we derive the hypothesis that past inflation makes products or expenditures...