Year: 1995
Author: Fehr, Ernst, Zych, Peter K.
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 115 (1995), Iss. 4 : pp. 569–604
Abstract
A common characteristic of many addictive activities seems to be that benefits accrue immediately and are relatively large whereas costs arise in the future and are distributed over many periods. It is hypothesized that the high amount and the immediate availability of benefits renders them highly salient while the distributivity and smallness of costs per period renders aggregate costs much less salient, giving rise to myopic excess consumption.
This paper reports the results of an experiment which allowed discriminating between the theory of rational addiction and the „myopic excess consumption" hypothesis. The results show a significant and systematic deviation from the optimal consumption path in the direction predicted by the excess consumption hypothesis.
Journal Article Details
Publisher Name: Global Science Press
Language: Multiple languages
DOI: https://doi.org/10.3790/schm.115.4.569
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 115 (1995), Iss. 4 : pp. 569–604
Published online: 1995-04
AMS Subject Headings: Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 36
Author Details
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