经济代写|宏观经济学代写Macroeconomics代考|ECOS3007

2022年10月7日

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经济代写|宏观经济学代写Macroeconomics代考|New frontiers in consumption theory

Though our analysis of consumption has taken us quite far, many consumption decisions cannot be suitably explained with the above framework as it has been found that consumers tend to develop biases that move their decisions away from what the model prescribes. For example, if a family receives an extra amount of money, they will probably allocate it to spending on a wide range of goods and maybe save at least some of this extra amount. Yet, if the family receives the same amount of extra money on a discount on food purchases, it is found that they typically increase their food consumption more (we could even say much more) than if they would have received cash. Likewise, many agents run up debts on their credit cards when they could pull money from their retirement accounts at a much lower cost.

One way of understanding this behaviour is through the concept of mental accounting, a term coined by Richard Thaler, who won the Nobel Prize in economics in 2017. In Thaler’s view, consumers mentally construct baskets of goods or categories. They make decisions based on these categories not as if they were connected by a unique budget constraint, but as if they entailed totally independent decisions.

A similar anomaly occurs regarding defaults or reference points which we mentioned at the end of our Social Security chapter. Imagine organising the task of allocating yellow and red mugs to a group of people. If you ask people what colour they would like their mugs to be, you will probably get a uniform distribution across colours, say $50 \%$ choose yellow and $50 \%$ choose red. Now allocate the mugs randomly and let people exchange their mugs. When you do this, the number of exchanges is surprisingly low. The received mug has become a reference point which delivers utility per-se. This type of reference point explains why agents tend to stick to their defaults. Brigitte Madrian has shown that when a $3 \%$ savings contribution was imposed as default (but not compulsory), six months later $86 \%$ of the workers remained within the plan, relative to $49 \%$ if no plan had been included as default, and $65 \%$ stuck to the $3 \%$ contribution vs only $4 \%$ choosing that specific contribution when such percentage was not pre-established. (In fact, Madrian shows that the effect of defaults is much stronger than providing economic incentives for savings, and much cheaper!)

One of the biases that has received significant attention is what is called present bias. Present bias is the tendency to put more weight to present consumption relative to future consumption. Let’s discuss the basics of this idea.

经济代写|宏观经济学代写Macroeconomics代考|Present bias

We follow (Beshears et al. 2006) in assuming a model with three periods. In period zero the consumer can buy (but not consume) an amount $c_0 \geq 0$ of a certain good. In period one, the consumer can buy more of this good $\left(c_1 \geq 0\right)$ and now consume it. Total consumption is
$$c=c_0+c_1 .$$
In period 2, the consumer spends whatever was left on other goods $x$. The budget constraint can be written as
$$1+T=c_0\left(1+\tau_0\right)+c_1\left(1+\tau_1\right)+x,$$
where $\tau_0$ and $\tau_1$ are taxes over $c_0$ and $c_1$ and $T$ is a lump sum transfer. Income is assumed equal to 1 . $T=\bar{c}_0 \tau_0+\overline{c_1} \tau_1$, where the bars indicate the average values for each variable. As the economy is large, these variables are unchanged by the individual decision to consume. Introducing taxes and lump sum transfers is not necessary, but will become useful below to discuss policy. Summing up, the structure is:

• Period 0: buys $c_0$ at after tax price of $\left(1+\tau_0\right)$
• Period 1: buys an additional amount $c_1$ at an after tax price of $\left(1+\tau_1\right)$. Consumes $c=c_0+c_1$
• Period 2: buys and consumes good $x$ at price 1 with the remaining resources $1+T-c_0\left(1+\tau_0\right)-$ $c_1\left(1+\tau_1\right)$.

宏观经济学代考

经济代写|宏观经济学代写宏观经济学代考|当前偏见

$$c=c_0+c_1 .$$

$$1+T=c_0\left(1+\tau_0\right)+c_1\left(1+\tau_1\right)+x,$$
，其中$\tau_0$和$\tau_1$是对$c_0$的税收，$c_1$和$T$是一次性转移。假设收入等于1。$T=\bar{c}_0 \tau_0+\overline{c_1} \tau_1$，其中的柱形表示每个变量的平均值。由于经济规模很大，这些变量不受个人消费决定的影响。引入税收和一次性转移是没有必要的，但在下面讨论政策时会很有用。综上所述，结构为:

• 阶段0:以税后价格$\left(1+\tau_0\right)$购买$c_0$
• 阶段1:以税后价格$\left(1+\tau_1\right)$额外购买$c_1$。消费$c=c_0+c_1$
• 第二阶段:以1的价格购买并消费好商品$x$，剩余资源$1+T-c_0\left(1+\tau_0\right)-$$c_1\left(1+\tau_1\right)$ .

有限元方法代写

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MATLAB代写

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