Hand-to-mouth consumers, rule-of-thumb savers, and optimal control

Detalhes bibliográficos
Autor(a) principal: Gomes, Orlando
Data de Publicação: 2020
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.21/11952
Resumo: Artigo publicado em revista científica internacional
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spelling Hand-to-mouth consumers, rule-of-thumb savers, and optimal controlHeterogeneous agentsConsumption heuristicsIntertemporal preferencesHand-to-mouth consumersRule-of-thumb saversArtigo publicado em revista científica internacionalContemporaneous research in macroeconomics is experiencing a methodological transition. The well-established representative agent optimal control model, which has served for many decades as the fundamental point of reference to approach most of the aggregate phenomena in economics, is being gradually adapted or replaced. In the new settings, agent heterogeneity prevails: while some agents eventually continue to take optimal intertemporal decisions, others do not possess the ability or the willingness to do so, and therefore resort to simple heuristics in their decision-making processes. In this study, the basic Ramsey growth model of intertemporal choice is reinterpreted in the light of the heterogeneity assumption. Four different frameworks are proposed, and the respective dynamics investigated; these frameworks contemplate: (i) the coexistence of optimal planners and hand-to-mouth consumers; (ii) the coexistence of optimal planners and rule-of-thumb savers; (iii) intertemporal discount rate heterogeneity with endogenous determination of hand-to-mouth behavior; (iv) absence of optimal planning and full heuristic behavior. The derived results point to a richness of outcomes that can only be unveiled once the simple dynamic growth setup is expanded to include different consumption-savings profiles.Springer NatureRCIPLGomes, Orlando2020-06-27T09:38:54Z2020-06-262020-06-26T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.21/11952enghttps://doi.org/10.1007/s11403-020-00292-4info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-08-03T10:03:56Zoai:repositorio.ipl.pt:10400.21/11952Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T20:20:08.174512Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Hand-to-mouth consumers, rule-of-thumb savers, and optimal control
title Hand-to-mouth consumers, rule-of-thumb savers, and optimal control
spellingShingle Hand-to-mouth consumers, rule-of-thumb savers, and optimal control
Gomes, Orlando
Heterogeneous agents
Consumption heuristics
Intertemporal preferences
Hand-to-mouth consumers
Rule-of-thumb savers
title_short Hand-to-mouth consumers, rule-of-thumb savers, and optimal control
title_full Hand-to-mouth consumers, rule-of-thumb savers, and optimal control
title_fullStr Hand-to-mouth consumers, rule-of-thumb savers, and optimal control
title_full_unstemmed Hand-to-mouth consumers, rule-of-thumb savers, and optimal control
title_sort Hand-to-mouth consumers, rule-of-thumb savers, and optimal control
author Gomes, Orlando
author_facet Gomes, Orlando
author_role author
dc.contributor.none.fl_str_mv RCIPL
dc.contributor.author.fl_str_mv Gomes, Orlando
dc.subject.por.fl_str_mv Heterogeneous agents
Consumption heuristics
Intertemporal preferences
Hand-to-mouth consumers
Rule-of-thumb savers
topic Heterogeneous agents
Consumption heuristics
Intertemporal preferences
Hand-to-mouth consumers
Rule-of-thumb savers
description Artigo publicado em revista científica internacional
publishDate 2020
dc.date.none.fl_str_mv 2020-06-27T09:38:54Z
2020-06-26
2020-06-26T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.21/11952
url http://hdl.handle.net/10400.21/11952
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv https://doi.org/10.1007/s11403-020-00292-4
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Springer Nature
publisher.none.fl_str_mv Springer Nature
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
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