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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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  • Victor V. Claar
  • Christine Cain
  • Ross D. Poll

Abstract

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.

Suggested Citation

  • Victor V. Claar & Christine Cain & Ross D. Poll, 2013. "Spreading academic pay over nine or twelve months: economists are supposed to know better, but do they act better?," Applied Economics, Taylor & Francis Journals, vol. 45(19), pages 2792-2800, July.
  • Handle: RePEc:taf:applec:v:45:y:2013:i:19:p:2792-2800
    DOI: 10.1080/00036846.2012.681027
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    File URL: http://hdl.handle.net/10.1080/00036846.2012.681027
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    References listed on IDEAS

    as
    1. 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.
    2. David Hirshleifer, 2001. "Investor Psychology and Asset Pricing," Journal of Finance, American Finance Association, vol. 56(4), pages 1533-1597, August.
    3. Simon, Herbert A, 1979. "Rational Decision Making in Business Organizations," American Economic Review, American Economic Association, vol. 69(4), pages 493-513, September.
    4. 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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    More about this item

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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