Loss aversion in a consumption-savings model

被引：151

作者：

Bowman, D ^{[1
]}

Minehart, D ^{[1
]}

Rabin, M ^{[1
]}

机构：

[1] Fed Reserve Syst, Board Governors, Div Int Finance, Washington, DC 20551 USA

来源：

JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION | 1999年 / 38卷 / 02期

关键词：

consumption; habit formation; loss aversion; reference points; risk aversion; savings;

D O I：

10.1016/S0167-2681(99)00004-9

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We propose a model of consumption and saving based on Kahneman and Tversky's Prospect Theory that implies a fundamental asymmetry in consumption behavior inconsistent with other models of consumption. When there is sufficient income uncertainty, a person resists lowering consumption in response to bad news about future income. This resistance is greater than the resistance to increasing consumption in response to good news. We present empirical evidence from five countries that confirms this behavior. (C) 1999 Elsevier Science B.V. All rights reserved. JEL classification: A12; B49; C91; D11; D81; E21.

引用

页码：155 / 178

页数：24

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