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Sensitivity of tests of the PIH to alternative consumption proxies

โœ Scribed by Maureen J. Lage

Book ID
116101273
Publisher
Elsevier Science
Year
1991
Tongue
English
Weight
296 KB
Volume
36
Category
Article
ISSN
0165-1765

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This paper uses micro data to show that the utility loss from near-rational behavior can be very significant. We calculate the utility loss from using a sub-optimal consumption allocation rule in a permanent income setting where utility is quadratic. In contrast to estimates derived from aggregate d