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  1. Cognitive constraints and economic incentives
    Autor*in: D'Acunto, Francesco; Hoang, Daniel; Paloviita, Maritta; Weber, Michael
    Erschienen: 26 May 2023
    Verlag:  Bank of Finland, Helsinki

    Unique administrative data on a representative population's cognitive abilities, spending, and financials reveal that consumers at or below median cognitive abilities barely react when their incentives to spend or borrow change, even if they earn... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 685
    Fernleihe:
    keine Fernleihe

     

    Unique administrative data on a representative population's cognitive abilities, spending, and financials reveal that consumers at or below median cognitive abilities barely react when their incentives to spend or borrow change, even if they earn high incomes and are financially unconstrained and conditional on formal education, personal and macroeconomic expectations, and rich demographics. Matched survey-based data on this population show that non-responsive consumers fail to grasp how the incentives to consume, save, and borrow change over time. Cognitive constraints limit the effectiveness of policies targeting household consumption and debt and might lead to regressive redistribution from low- to high-cognitive-ability consumers.

     
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789523234383
    Weitere Identifier:
    hdl: 10419/271515
    Schriftenreihe: Bank of Finland research discussion papers ; 2023, 9
    Schlagworte: Behavioral Economics; Limited Cognition; Consumption; Borrowing; Heterogeneous Agents; Redistribution; Inequality
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  2. Number categories
    dynamics, contact, typology
    Beteiligt: Arbes, Deborah (Herausgeber)
    Erschienen: [2023]
    Verlag:  De Gruyter Mouton, Berlin

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  3. Earn more tomorrow
    overconfidence, income expectations and consumer indebtedness
    Autor*in: Grohmann, Antonia; Menkhoff, Lukas; Merkle, Christoph; Schmacker, Renke
    Erschienen: 2023
    Verlag:  DIW Berlin, German Institute for Economic Research, Berlin

    This paper examines whether biased income expectations due to overconfidence lead to higher levels of debt-taking. We show suggestive evidence for a link between overconfidence and borrowing behavior in a representative survey of German households... mehr

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 14
    Fernleihe:
    keine Fernleihe

     

    This paper examines whether biased income expectations due to overconfidence lead to higher levels of debt-taking. We show suggestive evidence for a link between overconfidence and borrowing behavior in a representative survey of German households (GSOEP-IS). This motivates a laboratory experiment to study causality behind these effects. In two experiments, participants can purchase goods by borrowing against their future income. We exogenously manipulate overconfidence about income expectations by letting income depend on relative performance in hard and easy quiz tasks. In the main experiment, we successfully generate biased income expectations and show that participants with higher income expectations initially borrow more. Overconfident participants scale back their consumption after income feedback. However, they remain in higher debt at the end of the experiment, which has real financial consequences. In a robustness experiment, we rule out that over-borrowing is driven by low prices of goods. Even though the expected income manipulation works less well in this experiment, debt-taking behavior is very similar and correlates with income expectations and overconfidence.

     
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/283247
    Schriftenreihe: Discussion papers / Deutsches Institut für Wirtschaftsforschung ; 2065
    Schlagworte: Debt; Consumption; Borrowing; Overconfidence; Income Expectations
    Umfang: 1 Online-Ressource (circa 105 Seiten), Illustrationen