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Inattentive consumers

Author: Ricardo Reis; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2004.
Series: Working paper series (National Bureau of Economic Research), no. 10883.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
"This paper studies the consumption decisions of agents who face costs of acquiring, absorbing and processing information. These consumers rationally choose to only sporadically update their information and re-compute their optimal consumption plans. In between updating dates, they remain inattentive. This behavior implies that news disperses slowly throughout the population, so events have a gradual and delayed  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Ricardo Reis; National Bureau of Economic Research.
OCLC Number: 57141209
Notes: "November 2004."
Description: 1 online resource (46, [7] pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 10883.
Responsibility: Ricardo Reis.

Abstract:

"This paper studies the consumption decisions of agents who face costs of acquiring, absorbing and processing information. These consumers rationally choose to only sporadically update their information and re-compute their optimal consumption plans. In between updating dates, they remain inattentive. This behavior implies that news disperses slowly throughout the population, so events have a gradual and delayed effect on aggregate consumption. The model predicts that aggregate consumption adjusts slowly to shocks, and is able to explain the excess sensitivity and excess smoothness puzzles. In addition, individual consumption is sensitive to ordinary and unexpected past news, but it is not sensitive to extraordinary or predictable events. The model further predicts that some people rationally choose to not plan, live hand-to-mouth, and save less, while other people sporadically update their plans. The longer are these plans, the more they save. Evidence using U.S. aggregate and microeconomic data generally supports these predictions"--NBER website.

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