Understanding Consumption Planning Behaviors

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Planning Behaviors</title> <meta name="description" content="Understanding Consumption Planning Behaviors"> <meta name="keywords" content="consumption planning, reference point, diminishing sensitivity, quantile regression, asset pricing puzzles"> <meta name="viewport" content="width=device-width, initial-scale=1, minimum-scale=1, maximum-scale=1, user-scalable=no"> <meta charset="utf-8"> <link href="https://cdn.waset.org/favicon.ico" type="image/x-icon" rel="shortcut icon"> <link href="https://cdn.waset.org/static/plugins/bootstrap-4.2.1/css/bootstrap.min.css" rel="stylesheet"> <link href="https://cdn.waset.org/static/plugins/fontawesome/css/all.min.css" rel="stylesheet"> <link href="https://cdn.waset.org/static/css/site.css?v=150220211555" rel="stylesheet"> </head> <body> <header> <div class="container"> <nav class="navbar navbar-expand-lg navbar-light"> <a class="navbar-brand" href="https://waset.org"> <img src="https://cdn.waset.org/static/images/wasetc.png" alt="Open Science 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Consumption Planning Behaviors</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Gaosheng%20Ju">Gaosheng Ju</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Our empirical evidence supports a model of consumption planning behaviors with the following two characteristics. First, households formulate a rational consumption target based on their desired target, displaying a diminishing sensitivity to the discrepancy between them. Second, the established target is a reference point for their planned consumption. The diminishing sensitivity leads to opposite reactions in higher and lower quantiles of both consumption targets and consumption growth to changes in economic conditions. This phenomenon accounts for the perplexingly low correlation between consumption and other macroeconomic variables. Furthermore, the opposing movements of consumption targets offer new insights into consumption-based asset pricing. <iframe src="https://publications.waset.org/abstracts/179626.pdf" style="width:100%; height:400px;" frameborder="0"></iframe> <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=consumption%20planning" title="consumption planning">consumption planning</a>, <a href="https://publications.waset.org/abstracts/search?q=reference%20point" title=" reference point"> reference point</a>, <a href="https://publications.waset.org/abstracts/search?q=diminishing%20sensitivity" title=" diminishing sensitivity"> diminishing sensitivity</a>, <a href="https://publications.waset.org/abstracts/search?q=quantile%20regression" title=" quantile regression"> quantile regression</a>, <a href="https://publications.waset.org/abstracts/search?q=asset%20pricing%20puzzles" title=" asset pricing puzzles"> asset pricing puzzles</a> </p> <a 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Understanding Consumption Planning Behaviors