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dc.contributor.authorAbeler, Johannesen
dc.contributor.authorMarklein, Felixen
dc.date.accessioned2010-11-18-
dc.date.accessioned2011-09-26T13:23:50Z-
dc.date.available2011-09-26T13:23:50Z-
dc.date.issued2010-
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
dc.language.isoengen
dc.publisher|aThe University of Nottingham, Centre for Decision Research and Experimental Economics (CeDEx) |cNottinghamen
dc.relation.ispartofseries|aCeDEx Discussion Paper Series |x2010-13en
dc.subject.jelC91en
dc.subject.jelC93en
dc.subject.jelD01en
dc.subject.jelH31en
dc.subject.jelI38en
dc.subject.ddc330en
dc.subject.keywordfungibilityen
dc.subject.keywordin-kind benefitsen
dc.subject.keywordmental accountingen
dc.subject.keywordnarrow bracketingen
dc.subject.keywordfield experimenten
dc.subject.keywordlaboratory experimenten
dc.subject.stwGelden
dc.subject.stwKognitionen
dc.subject.stwKonsumentenverhaltenen
dc.subject.stwVerhaltensökonomiken
dc.subject.stwTesten
dc.subject.stwSachtransferen
dc.subject.stwFeldforschungen
dc.subject.stwTheorieen
dc.subject.stwDeutschlanden
dc.titleFungibility, labels and consumption-
dc.typeWorking Paperen
dc.identifier.ppn640168876en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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