THE BEHAVIORAL LIFE-CYCLE HYPOTHESIS Export

@article{shefrinthaler88, abstract = {Self-control, mental accounting, and framing are incorporated in a behavioral enrichment of the life-cycle theory of saving called the Behavioral Life-Cycle (BLC) hypothesis. The key assumption of the BLC theory is that households treat components of their wealth as nonfungible, even in the absence of credit rationing. Specifically, wealth is assumed to be divided into three mental accounts: current income, current assets, and future income. The temptation to spend is assumed to be greatest for current income and least for future income. Considerable empirical support for the BLC theory is presented, primarily drawn from published econometric studies.}, author = {Shefrin, Hersh M. and Thaler, Richard H.}, citeulike-article-id = {2773227}, citeulike-linkout-0 = {http://www.blackwell-synergy.com/doi/abs/10.1111/j.1465-7295.1988.tb01520.x}, citeulike-linkout-1 = {http://dx.doi.org/10.1111/j.1465-7295.1988.tb01520.x}, doi = {10.1111/j.1465-7295.1988.tb01520.x}, journal = {Economic Inquiry}, number = {4}, pages = {609--643}, posted-at = {2008-05-08 17:43:43}, priority = {2}, title = {THE BEHAVIORAL LIFE-CYCLE HYPOTHESIS}, url = {http://dx.doi.org/10.1111/j.1465-7295.1988.tb01520.x}, volume = {26}, year = {1988} }

TY - JOUR ID - shefrinthaler88 L3 - citeulike-article-id:2773227 N2 - Self-control, mental accounting, and framing are incorporated in a behavioral enrichment of the life-cycle theory of saving called the Behavioral Life-Cycle (BLC) hypothesis. The key assumption of the BLC theory is that households treat components of their wealth as nonfungible, even in the absence of credit rationing. Specifically, wealth is assumed to be divided into three mental accounts: current income, current assets, and future income. The temptation to spend is assumed to be greatest for current income and least for future income. Considerable empirical support for the BLC theory is presented, primarily drawn from published econometric studies. IS - 4 JF - Economic Inquiry EP - 643 TI - THE BEHAVIORAL LIFE-CYCLE HYPOTHESIS VL - 26 SP - 609 AU - Shefrin, Hersh AU - Thaler, Richard PY - 1988/// UR - http://dx.doi.org/10.1111/j.1465-7295.1988.tb01520.x ER -