When expectations become aspirations: reference-dependent preferences and liquidity constraints
A large body of literature suggests that consumers derive utility from gains and losses relative to a reference point. This paper shows that such reference dependence can affect savings in opposite directions depending on whether people face liquidity constraints. Existing models for wealth and inte...
| Autor principal: | |
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| Formato: | Journal Article |
| Lenguaje: | Inglés |
| Publicado: |
Springer
2016
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| Materias: | |
| Acceso en línea: | https://hdl.handle.net/10568/148625 |
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