The DOI matches its Crossref record; 66 of the 66 references it cites were found in a registry or an index.
Reference-Dependent Consumption Plans
Abstract
We develop a rational dynamic model in which people are loss averse over changes in beliefs about present and future consumption. Because changes in wealth are news about future consumption, preferences over money are reference-dependent. If news resonates more when about imminent consumption than when about future consumption, a decision maker might (to generate pleasant surprises) overconsume early relative to the optimal committed plan, increase immediate consumption following surprise wealth increases, and delay decreasing consumption following surprise losses. Since higher wealth mitigates the effect of bad news, people exhibit an unambiguous first-order precautionary-savings motive. (JEL D14, D81, D83, D91)
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Cites
Prospect Theory: An Analysis of Decision under Risk
Kahneman, D., & Tversky, A. (1979) · Econometrica · doi:10.2307/1914185 · Cited by 48,524
Prospect theory: An analysis of decision under risk
Kahneman, D., & Tversky, A. (1988) · Decision, Probability and Utility · doi:10.1017/cbo9780511609220.014 · Cited by 32,474
The Framing of Decisions and the Psychology of Choice
Tversky, A., & Kahneman, D. (1981) · Science · doi:10.1126/science.7455683 · Cited by 18,497 · cited 2×
“For instance, Tversky and Kahneman (1981) and Rabin and Weizsäcker (2007) found that subjects narrowly bracket two separate pairwise choices even when they know the two chosen lotteries would be played out and reported at the same time.”
Background(2019) · AEA Papers and Proceedings · doi:10.1257/pandp.109.612 · Cited by 10,902
Golden eggs and hyperbolic discounting
Laibson, D. (1997) · The Quarterly Journal of Economics · doi:10.1162/003355397555253 · Cited by 6,122
By Force of Habit: A Consumption‐Based Explanation of Aggregate Stock Market Behavior
Campbell, J. Y., & Cochrane, J. H. (1999) · Journal of Political Economy · doi:10.1086/250059 · Cited by 5,210
Regret Theory: An Alternative Theory of Rational Choice Under Uncertainty
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A Theory of Rational Addiction
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Experimental Tests of the Endowment Effect and the Coase Theorem
Kahneman, D., Knetsch, J. L., & Thaler, R. H. (1990) · Journal of Political Economy · doi:10.1086/261737 · Cited by 3,194 · cited 1×
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BackgroundThaler, R. H. (1999) · Journal of Behavioral Decision Making · doi:10.1002/(sici)1099-0771(199909)12:3<183::aid-bdm318>3.0.co;2-f · Cited by 3,166
Cited by
Golden eggs and hyperbolic discounting
Laibson, D. (1997) · The Quarterly Journal of Economics · doi:10.1162/003355397555253 · Cited by 6,122
Gomes, F., Haliassos, M., & Ramadorai, T. (2021) · Journal of Economic Literature · doi:10.1257/jel.20201461 · Cited by 396
Present Bias: Lessons Learned and To Be Learned
O'Donoghue, T., & Rabin, M. (2015) · American Economic Review · doi:10.1257/aer.p20151085 · Cited by 289
Self-citationNarrow Bracketing and Dominated Choices
Rabin, M., & Weizsäcker, G. (2009) · American Economic Review · doi:10.1257/aer.99.4.1508 · Cited by 257
Self-citationBehavioral development economics
Kremer, M., Rao, G., & Schilbach, F. (2019) · Handbook of Behavioral Economics: Applications and Foundations 1 · doi:10.1016/bs.hesbe.2018.12.002 · Cited by 188
Metadata
- Authors
- Kőszegi, B., & Rabin, M.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2009-05-01
- Volume
- 99
- Issue
- 3
- Pages
- 909-936
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W1998843460
- Cited by
- 586
- References
- 66
- FWCI
- 12.80
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
