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- W19152719 abstract "Recent studies documented that consumption of poor households falls markedly between paydays (a phenomenon called ‘paycycle’), and considered this finding as a rejection of the permanent income hypothesis (PIH) and evidence of liquidity constraints and time inconsistency (modelled with hyperbolic preferences). In this paper, I criticize and extend previous analyses of the paycycle, arguing that standard tests may have omitted a crucial confounding factor that may have biased the results toward the rejection of the PIH. I show theoretically that when households change the shopping regime over the month in a cyclical (and rational) way a paycycle may emerge even if the households are time consistent. I test my results using a panel dataset that provides daily information on food expenditures from a large sample of Italian households. This is the first analysis of the monthly cycle in expenditures and consumption outside the US and UK. Results show that households display a monthly cycle in shopping behavior: the probability of performing a shopping trip in a larger supermarket is higher at payday and decrease afterward. The paycycle appears to be driven by this shopping cycle, while the pure effect of time preferences result in a flat pattern of consumption between paydays." @default.
- W19152719 created "2016-06-24" @default.
- W19152719 creator A5056297261 @default.
- W19152719 date "2011-06-27" @default.
- W19152719 modified "2023-09-25" @default.
- W19152719 title "Four essays in applied microeconometrics" @default.
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- W19152719 doi "https://doi.org/10.6092/unibo/amsdottorato/4154" @default.
- W19152719 hasPublicationYear "2011" @default.
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