Preliminary SAVING AND REFERENCE GROUPS
نویسنده
چکیده
I consider how the saving behavior of consumers is affected by incomes in their reference group. Although standard life cycle models with interdependent preferences provide no clear cut prediction of how incomes in one’s reference group should influence savings, the empirical analysis points to an unambiguously negative effect: If incomes in the reference group are higher, savings are lower. The data used stem from the CentER savings survey, in which households are asked direct questions about both their reference groups and their savings behavior.
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