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Spreading Academic Pay over Nine or Twelve Months: Economists Are Supposed to Know Better, but Do They Act Better?

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  • Claar, Victor V
  • Diestl, Christine M
  • Poll, Ross D

Abstract

Our paper empirically considers two general hypotheses related to the literature of behavioral economics. First, we test the null hypothesis that individuals behave, on average, in a manner more consistent with the rational expectations hypothesis than with the idea of self-control in the face of hyperbolic discounting in their saving decisions. Second, along a variety of dimensions, we examine whether individuals exhibit Herbert Simon’s notion that the goal formation of individuals will differ depending upon their relative levels of experience and knowledge. Perhaps there are significant differences among groups in their saving decisions that depend upon their apparent levels of intelligence, education, and knowledge. Finally, using a variety of individual-specific control variables, we test for robustness of the results.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 14273.

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Date of creation: 2009
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Handle: RePEc:pra:mprapa:14273

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Keywords: Consumer Economics; Empirical Analysis; Life Cycle Models and Saving;

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  1. Simon, Herbert A., 1978. "Rational Decision-Making in Business Organizations," Nobel Prize in Economics documents 1978-1, Nobel Prize Committee.
  2. Laibson, David, 1997. "Golden Eggs and Hyperbolic Discounting," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 443-77, May.
  3. David Hirshleifer, 2001. "Investor Psychology and Asset Pricing," Journal of Finance, American Finance Association, vol. 56(4), pages 1533-1597, 08.
  4. Graham, Fred & Isaac, Alan G., 2002. "The behavioral life-cycle theory of consumer behavior: survey evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 48(4), pages 391-401, August.
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