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Spending and credit use in the private household

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  • Kirchler, Erich
  • Hoelzl, Erik
  • Kamleitner, Bernadette
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    Abstract

    Economic decisions in private households involve two aspects: what to buy and how to finance it. Models of spending and financing are presented, and determinants of credit decisions in the private household are discussed. It is proposed that both situational characteristics (e.g., gender roles, children, and relationship quality) and process characteristics (e.g., mental accounting and utility prediction) need to be taken into account. Moving from an individual perspective to a household perspective has implications for theoretical conceptions of credit decisions, and for consulting policy of banks and consumer organizations.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics).

    Volume (Year): 37 (2008)
    Issue (Month): 2 (April)
    Pages: 519-532

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    Handle: RePEc:eee:soceco:v:37:y:2008:i:2:p:519-532

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    Web page: http://www.elsevier.com/locate/inca/620175

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    References

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    1. Viaud, Jean & Roland-Levy, Christine, 2000. "A positional and representational analysis of consumption. Households when facing debt and credit," Journal of Economic Psychology, Elsevier, vol. 21(4), pages 411-432, August.
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    3. Bernadette Kamleitner & Erich Kirchler, 2006. "Personal loan users’ mental integration of payment and consumption," Marketing Letters, Springer, vol. 17(4), pages 281-294, December.
    4. Prince, Melvin, 1993. "Women, men and money styles," Journal of Economic Psychology, Elsevier, vol. 14(1), pages 175-182, March.
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    8. Richard H. Thaler, 2008. "Mental Accounting and Consumer Choice," Marketing Science, INFORMS, vol. 27(1), pages 15-25, 01-02.
    9. Gourville, John T & Soman, Dilip, 1998. " Payment Depreciation: The Behavioral Effects of Temporally Separating Payments from Consumption," Journal of Consumer Research, University of Chicago Press, vol. 25(2), pages 160-74, September.
    10. Meier, Katja & Kirchler, Erich & Hubert, Angela-Christian, 1999. "Savings and investment decisions within private households: Spouses' dominance in decisions on various forms of investment," Journal of Economic Psychology, Elsevier, vol. 20(5), pages 499-519, October.
    11. Davies, Emma & Lea, Stephen E. G., 1995. "Student attitudes to student debt," Journal of Economic Psychology, Elsevier, vol. 16(4), pages 663-679, December.
    12. Drazen Prelec & George Loewenstein, 1998. "The Red and the Black: Mental Accounting of Savings and Debt," Marketing Science, INFORMS, vol. 17(1), pages 4-28.
    13. Flurry, L. A. & Burns, Alvin C., 2005. "Children's influence in purchase decisions: a social power theory approach," Journal of Business Research, Elsevier, vol. 58(5), pages 593-601, May.
    14. Filiatrault, Pierre & Ritchie, J R Brent, 1980. " Joint Purchasing Decisions: A Comparison of Influence Structure in Family and Couple Decision-Making Units," Journal of Consumer Research, University of Chicago Press, vol. 7(2), pages 131-40, Se.
    15. Davis, Harry L & Rigaux, Benny P, 1974. " Perception of Marital Roles in Decision Processes," Journal of Consumer Research, University of Chicago Press, vol. 1(1), pages 51-62, June.
    16. Livingstone, Sonia M. & Lunt, Peter K., 1992. "Predicting personal debt and debt repayment: Psychological, social and economic determinants," Journal of Economic Psychology, Elsevier, vol. 13(1), pages 111-134, March.
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    Cited by:
    1. Hoelzl, Erik & Pollai, Maria & Kamleitner, Bernadette, 2009. "Experience, prediction and recollection of loan burden," Journal of Economic Psychology, Elsevier, vol. 30(3), pages 446-454, June.
    2. Bernadette Kamleitner & Bianca Hornung & Erich Kirchler, 2010. "Over-indebtedness and the interplay of factual and mental money management: An interview study," Working Papers 34, Queen Mary, University of London, School of Business and Management, Centre for Globalisation Research.
    3. Dahal, Arati & Fertig, Angela, 2013. "An econometric assessment of the effect of mental illness on household spending behavior," Journal of Economic Psychology, Elsevier, vol. 37(C), pages 18-33.

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