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dc.contributor.authorReis, Ricardoen
dc.date.accessioned2009-01-29T16:07:18Z-
dc.date.available2009-01-29T16:07:18Z-
dc.date.issued2004-
dc.identifier.urihttp://hdl.handle.net/10419/23459-
dc.description.abstractThis paper studies the consumption decisions of agents who face costs of acquiring, absorbing and processing information. These consumers rationally choose to only sporadically update their information and re-compute their optimal consumption plans. In between updating dates, they remain inattentive. This behavior implies that news disperses slowly throughout the population, so events have a gradual and delayed effect on aggregate consumption. The model predicts that aggregate consumption adjusts slowly to shocks, and is able to explain the excess sensitivity and excess smoothness puzzles. In addition, individual consumption is sensitive to ordinary and unexpected past news, but it is not sensitive to extraordinary or predictable events. The model further predicts that some people rationally choose to not plan, live hand-to-mouth, and save less, while other people sporadically update their plans. The longer are these plans, the more they save. Evidence using U.S. aggregate and microeconomic data generally supports these predictions.en
dc.language.isoengen
dc.publisher|aPrinceton University, Woodrow Wilson School of Public and International Affairs |cPrinceton, NJen
dc.relation.ispartofseries|aDiscussion Papers in Economics |x232en
dc.subject.jelD1en
dc.subject.jelE2en
dc.subject.jelD9en
dc.subject.jelD8en
dc.subject.ddc330en
dc.subject.stwKonsumentenverhaltenen
dc.subject.stwInformationsverhaltenen
dc.subject.stwGesamtwirtschaftlicher Konsumen
dc.subject.stwTheorieen
dc.subject.stwUSAen
dc.titleInattentive Consumers-
dc.typeWorking Paperen
dc.identifier.ppn504017527en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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