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...
| Main Author: | |
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| Format: | Artículo preliminar |
| Language: | Inglés |
| Published: |
International Food Policy Research Institute
2015
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| Subjects: | |
| Online Access: | https://hdl.handle.net/10568/150570 |
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