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Optimal Contracts for Loss Averse Consumers

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    Abstract

    We report initial findings from a household survey of Pacific island migrants and their remittances, conducted in 2010-11 in New South Wales (NSW). The study covers three Polynesian communities, Samoans and Tongans as in previous studies, but also Cook Islanders. We cover migrants in both Sydney and regional NSW. We quantify remittances of all types, formally and informally transferred, and distinguish those sent to households and organizations (mainly churches) or invested, beyond the migrants’ home country household, which account for almost 40% of total remittances. We provide the first estimates of remittances to Cook Islands since the mid-eighties, and the first estimates of remittances from regional areas in Australia. We investigate a number of potential socio-economic determinants of remittance behavior including the migrants’ income, duration of absence, strength of ties to home country, and major events in home country and Australia. We identify a number of important differences among the three groups, and between the Riverina- and Sydney-based communities. Areas for further research from this dataset are identified.

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    Bibliographic Info

    Paper provided by School of Economics, University of Queensland, Australia in its series Discussion Papers Series with number 460.

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    Date of creation: 2012
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    Handle: RePEc:qld:uq2004:460

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    1. Fabian Herweg & Konrad Mierendorff, 2013. "Uncertain Demand, Consumer Loss Aversion, And Flat-Rate Tariffs," Journal of the European Economic Association, European Economic Association, vol. 11(2), pages 399-432, 04.
    2. Botond Kőszegi & Paul Heidhues, 2008. "Competition and Price Variation When Consumers Are Loss Averse," American Economic Review, American Economic Association, vol. 98(4), pages 1245-68, September.
    3. Kfir Eliaz & Ran Spiegler, 2006. "Contracting with Diversely Naive Agents," Review of Economic Studies, Oxford University Press, vol. 73(3), pages 689-714.
    4. Montrucchio, Luigi, 1987. "Lipschitz continuous policy functions for strongly concave optimization problems," Journal of Mathematical Economics, Elsevier, vol. 16(3), pages 259-273, June.
    5. Juan Carlos Carbajal & Jeffrey C. Ely, 2012. "Mechanism Design Without Revenue Equivalence," Discussion Papers Series 458, School of Economics, University of Queensland, Australia.
    6. Anja Lambrecht & Katja Seim & Bernd Skiera, 2007. "Does Uncertainty Matter? Consumer Behavior Under Three-Part Tariffs," Marketing Science, INFORMS, vol. 26(5), pages 698-710, 09-10.
    7. Thaler, Richard, 1980. "Toward a positive theory of consumer choice," Journal of Economic Behavior & Organization, Elsevier, vol. 1(1), pages 39-60, March.
    8. repec:bla:restud:v:73:y:2006:i:3:p:689-714 is not listed on IDEAS
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    Cited by:
    1. Rosato, Antonio, 2013. "Selling Substitute Goods to Loss-Averse Consumers: Limited Availability, Bargains and Rip-offs," MPRA Paper 47168, University Library of Munich, Germany.
    2. David Freeman, 2013. "Revealed Preference Foundations of Expectations-Based Reference-Dependence," Discussion Papers dp13-10, Department of Economics, Simon Fraser University.

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