Spreading academic pay over nine or twelve months: economists are supposed to know better, but do they act better?
Our article empirically considers two general hypotheses related to the literature of behavioural 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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Volume (Year): 45 (2013)
Issue (Month): 19 (July)
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- Fred Graham & Alan G. Isaac, 2000. "The Behavioral Life-Cycle Theory Of Consumer Behavior: Survey Evidence," Microeconomics 0004004, EconWPA.
- David Hirshleifer, 2001. "Investor Psychology and Asset Pricing," Journal of Finance, American Finance Association, vol. 56(4), pages 1533-1597, August.
- Hirshleifer, David, 2001. "Investor Psychology and Asset Pricing," MPRA Paper 5300, University Library of Munich, Germany.
- Simon, Herbert A, 1979. "Rational Decision Making in Business Organizations," American Economic Review, American Economic Association, vol. 69(4), pages 493-513, September.
- Simon, Herbert A., 1978. "Rational Decision-Making in Business Organizations," Nobel Prize in Economics documents 1978-1, Nobel Prize Committee.
- David Laibson, 1997. "Golden Eggs and Hyperbolic Discounting," The Quarterly Journal of Economics, Oxford University Press, vol. 112(2), pages 443-478.
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