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The Behavioral Life-Cycle Theory Of Consumer Behavior: Survey Evidence

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Author Info

  • Fred Graham

    (American University)

  • Alan G. Isaac

    (American University)

Abstract

We find that survey evidence on faculty pay-cycle choice strongly contradicts the neoclassical theory of consumer behavior. It is more favorable to the behavioral life-cycle theory of Shefrin and Thaler (1988).

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File URL: http://128.118.178.162/eps/mic/papers/0004/0004004.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Microeconomics with number 0004004.

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Length: 19 pages
Date of creation: 06 Jun 2000
Date of revision:
Handle: RePEc:wpa:wuwpmi:0004004

Note: Type of Document - .pdf (version 4); prepared on PC, Win95, WP 8, Distiller 4; to print on none; pages: 19 ; figures: none
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Web page: http://128.118.178.162

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Keywords: behavioral life-cycle theory; consumer behavior; survey evidence;

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References

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  1. Thaler, Richard H & Shefrin, H M, 1981. "An Economic Theory of Self-Control," Journal of Political Economy, University of Chicago Press, vol. 89(2), pages 392-406, April.
  2. Richard H. Thaler, 2000. "From Homo Economicus to Homo Sapiens," Journal of Economic Perspectives, American Economic Association, vol. 14(1), pages 133-141, Winter.
  3. Thaler, Richard H, 1990. "Saving, Fungibility, and Mental Accounts," Journal of Economic Perspectives, American Economic Association, vol. 4(1), pages 193-205, Winter.
  4. Schelling, Thomas C, 1978. "Egonomics, or the Art of Self-Management," American Economic Review, American Economic Association, vol. 68(2), pages 290-94, May.
  5. Simon, Herbert A, 1986. "Rationality in Psychology and Economics," The Journal of Business, University of Chicago Press, vol. 59(4), pages S209-24, October.
  6. Thaler, Richard H, 1994. "Psychology and Savings Policies," American Economic Review, American Economic Association, vol. 84(2), pages 186-92, May.
  7. Shefrin, Hersh M & Thaler, Richard H, 1988. "The Behavioral Life-Cycle Hypothesis," Economic Inquiry, Western Economic Association International, vol. 26(4), pages 609-43, October.
  8. Loewenstein, George & Thaler, Richard H, 1989. "Intertemporal Choice," Journal of Economic Perspectives, American Economic Association, vol. 3(4), pages 181-93, Fall.
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Cited by:
  1. Deborah A. Cobb-Clark & Sonja C. Kassenboehmer & Mathias G. Sinning, 2013. "Locus of Control and Savings," Ruhr Economic Papers 0455, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
  2. Claar, Victor V & Diestl, Christine M & Poll, Ross D, 2009. "Spreading Academic Pay over Nine or Twelve Months: Economists Are Supposed to Know Better, but Do They Act Better?," MPRA Paper 18344, University Library of Munich, Germany, revised 20 Oct 2009.

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