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A structural model of consumption: An application to China during the global financial crisis

机译:消费的结构模型:在全球金融危机中对中国的应用

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In this paper, we develop a structural model of consumption by incorporating psychological constructs which constitute important antecedents of household consumption and provide crucial structural linkages to the mental accounting evaluation of saving or consumption. Our model is tested using structural equation modeling (SEM). The model is applied to China for measuring consumption expenditure under uncertainty emanating from the 2008 global financial crisis. An empirical test using 9784 new Chinese household survey data show that our structural model is a significant improvement over the existing behavioral life cycle model, as it is able to capture the psychological states affecting different groups of consumers such as employed workers and unemployed retirees. Our new structural model of consumption fits the data very well. The results have important implications for public policy assessment.
机译:在本文中,我们通过结合构成家庭消费重要先决条件的心理结构来开发消费的结构模型,并为储蓄或消费的心理核算评估提供关键的结构联系。我们的模型使用结构方程模型(SEM)进行了测试。该模型适用于中国,用于测量在2008年全球金融危机造成的不确定性下的消费支出。使用9784个新的中国家庭调查数据进行的实证检验表明,我们的结构模型比现有的行为生命周期模型有显着改进,因为它能够捕获影响不同消费者群体(如在职工人和失业退休人员)的心理状态。我们新的消费结构模型非常适合数据。结果对公共政策评估具有重要意义。

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