Mostrando recursos 1 - 2 de 2

  1. The Relative Importance of Time and Money for Consumer Behavior and Prosperity

    Fellner, Wolfgang; Seidl, Roman
    We develop a consumption model to analyze the relative importance of time and money for consumer behavior and prosperity. The model is characterized by three situations a consumer may face. Equilibrium conditions are different in each of those situations. At equilibrium A only the time constraint is binding. The appropriate situation is called relative time scarcity. At equilibrium B, relative satiation, the consumer's income constraint is binding at the optimal allocation of time. At equilibrium C, consumers deviate from their optimal allocation of time because of the income constraint. Those consumers face relative money scarcity. We analyze behavioral reactions to changes in prices,...
    (application/pdf) - 18-oct-2016

  2. The Relative Importance of Time and Money for Consumer Behavior and Prosperity

    Fellner, Wolfgang; Seidl, Roman
    We develop a consumption model to analyze the relative importance of time and money for consumer behavior and prosperity. The model is characterized by three situations a consumer may face. Equilibrium conditions are different in each of those situations. At equilibrium A only the time constraint is binding. The appropriate situation is called relative time scarcity. At equilibrium B, relative satiation, the consumer's income constraint is binding at the optimal allocation of time. At equilibrium C, consumers deviate from their optimal allocation of time because of the income constraint. Those consumers face relative money scarcity. We analyze behavioral reactions to changes in prices,...
    (application/pdf) - 29-ago-2017

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