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dc.contributor.authorAbeler, Johannesen_US
dc.contributor.authorMarklein, Felixen_US
dc.date.accessioned2010-11-18en_US
dc.date.accessioned2011-09-26T13:23:50Z-
dc.date.available2011-09-26T13:23:50Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/49658-
dc.description.abstractFungibility of money is a central assumption in the theory of consumer choice: any unit of money is substitutable for another. This implies that the composition of income or wealth is irrelevant for consumption. We find in a field experiment that even in a simple, incentivized setup many subjects do not treat money as fungible. When a label is attached to a part of their budget, subjects change consumption according to the label. A controlled laboratory experiment confirms this result and further shows that subjects with lower cognitive abilities are more likely to violate fungibility. The findings lend support to behavioral models of narrow bracketing and mental accounting. One implication of our results is that in-kind benefits distort consumption more strongly than usually assumed.en_US
dc.language.isoengen_US
dc.publisherCEDEX Nottinghamen_US
dc.relation.ispartofseriesCeDEx discussion paper series 2010-13en_US
dc.subject.jelC91en_US
dc.subject.jelC93en_US
dc.subject.jelD01en_US
dc.subject.jelH31en_US
dc.subject.jelI38en_US
dc.subject.ddc330en_US
dc.subject.keywordfungibilityen_US
dc.subject.keywordin-kind benefitsen_US
dc.subject.keywordmental accountingen_US
dc.subject.keywordnarrow bracketingen_US
dc.subject.keywordfield experimenten_US
dc.subject.keywordlaboratory experimenten_US
dc.subject.stwGelden_US
dc.subject.stwKognitionen_US
dc.subject.stwKonsumentenverhaltenen_US
dc.subject.stwVerhaltensökonomiken_US
dc.subject.stwTesten_US
dc.subject.stwSachtransferen_US
dc.subject.stwFeldforschungen_US
dc.subject.stwTheorieen_US
dc.subject.stwDeutschlanden_US
dc.titleFungibility, labels and consumptionen_US
dc.typeWorking Paperen_US
dc.identifier.ppn640168876en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:CeDEx Discussion Paper Series, The University of Nottingham

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