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首页> 外文期刊>The Review of Economic Studies >What Would You Do with $500? Spending Responses to Gains, Losses, News, and Loans
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What Would You Do with $500? Spending Responses to Gains, Losses, News, and Loans

机译：你会用500美元做什么？ 支出赔偿，损失，新闻和贷款

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摘要

We use survey questions about spending in hypothetical scenarios to investigate features of propensities to consume that are useful for distinguishing between consumption theories. We find that (1) responses to unanticipated gains are vastly heterogeneous (either zero or substantially positive); (2) responses increase in the size of the gain, driven by the extensive margin of spending adjustments; (3) responses to losses are much larger and more widespread than responses to gains; and (4) even those with large responses to gains do not respond to news about future gains. These four findings suggest that limited access to disposable resources, and frictions in adjusting consumption, are important determinants of consumption behaviour. We also find that (5) households do not respond to the offer of a one-year interest-free loan, suggesting that this is not a consequence of short-term credit constraints; and (6) people do cut spending in response to news about future losses, suggesting that neither is this a consequence of myopia. A calibrated precautionary savings model with utility costs of changing consumption, and a sufficient fraction of low-wealth households, can account for these features of propensities to consume on both the extensive and intensive margins.
机译：我们在假设情景中使用有关消费的调查问题来调查消费倾向的特征，这些特征有助于区分消费理论。我们发现（1）对意外收益的反应具有很大的异质性（要么为零，要么为实质性正）；（2） 由于支出调整幅度过大，收益规模增加；（3） 对损失的反应比对收益的反应更大、更广泛；（4）即使那些对收益反应强烈的人也不会对未来收益的消息做出回应。这四项研究结果表明，获得可支配资源的机会有限，以及调整消费的摩擦，是消费行为的重要决定因素。我们还发现（5）家庭对提供一年无息贷款没有反应，这表明这不是短期信贷约束的结果；（6）人们确实会因未来亏损的消息而削减开支，这表明这两者都不是近视的结果。一个经过校准的预防性储蓄模型，加上不断变化的消费的效用成本，以及足够多的低财富家庭，可以解释这些广泛和密集边际消费倾向的特征。

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