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<!DOCTYPE html> <HTML lang="en"> <HEAD> <TITLE>Quick-Fixing: Near-Rationality in Consumption and Savings Behavior</TITLE> <meta charset="utf-8"> <meta http-equiv="X-UA-Compatible" content="IE=edge"> <meta name="viewport" content="width=device-width, initial-scale=1.0"> <link rel="stylesheet" href="https://maxcdn.bootstrapcdn.com/bootstrap/4.0.0/css/bootstrap.min.css" integrity="sha384-Gn5384xqQ1aoWXA+058RXPxPg6fy4IWvTNh0E263XmFcJlSAwiGgFAW/dAiS6JXm" crossorigin="anonymous"> <link rel="stylesheet" href="/css/font-awesome.min.css">   <link href="/css/normalnew.css" rel="stylesheet" type="text/css"/> <link href="/css/pushy.css" rel="stylesheet" type="text/css"/> <link rel="icon" type="image.jpg" href="/favicon.ico">  <script type='text/javascript'> var captchaContainer = null; var loadCaptcha = function() { captchaContainer = grecaptcha.render('captcha_container', { 'sitekey' : '6LdQebIaAAAAACSKxvbloyrkQ_q-MqhOAGgD5PQV', 'callback' : function(response) { console.log(response); } }); }; </script> <META NAME="handle" CONTENT="RePEc:nbr:nberwo:33464"><META NAME="description" CONTENT="Downloadable (with restrictions)! When optimizing consumption-savings decisions is costly, people may instead rely on quick-fixes, simple policy functions that avoid these costs. We introduce a model of quick-fixing. To study it empirically, we field a novel survey that measures households' consumption policy functions in response to income shocks. Almost 70% of households follow one of four simple quick-fixes that fully consume or fully save out of small shocks, but they abruptly adjust their behavior for large shocks. This behavior accounts for almost half of the cross-sectional variance in marginal propensities to consume, but is poorly predicted by other demographic and economic information. In an incomplete-markets model calibrated to match our evidence, we find that quick-fixing is near-rational: the average opportunity cost of quick-fixing is only $17 per quarter. Yet, this small, empirically realistic deviation from the rational model significantly alters aggregate consumption responses to income shocks of varying sizes."> <META NAME="keywords" CONTENT=""> <META NAME="jel_code" CONTENT="E21; E62; E70; G51"> <META NAME="author" CONTENT="Peter Andre & Joel P. Flynn & Georgios Nikolakoudis & Karthik Sastry"> <META NAME="author_shortid" CONTENT="pan759"> <META NAME="title" CONTENT="Quick-Fixing: Near-Rationality in Consumption and Savings Behavior"> <META NAME="download" CONTENT="1"> <META NAME="freedownload" CONTENT="0"> <META NAME="date" CONTENT="2025-02-02"> <META NAME="citation_publication_date" CONTENT="2025/02"> <META NAME="citation_authors" content="Peter Andre; Joel P. Flynn; Georgios Nikolakoudis; Karthik Sastry"> <META NAME="citation_title" content="Quick-Fixing: Near-Rationality in Consumption and Savings Behavior"> <META NAME="citation_abstract" content="When optimizing consumption-savings decisions is costly, people may instead rely on quick-fixes, simple policy functions that avoid these costs. We introduce a model of quick-fixing. To study it empirically, we field a novel survey that measures households' consumption policy functions in response to income shocks. Almost 70% of households follow one of four simple quick-fixes that fully consume or fully save out of small shocks, but they abruptly adjust their behavior for large shocks. This behavior accounts for almost half of the cross-sectional variance in marginal propensities to consume, but is poorly predicted by other demographic and economic information. In an incomplete-markets model calibrated to match our evidence, we find that quick-fixing is near-rational: the average opportunity cost of quick-fixing is only $17 per quarter. Yet, this small, empirically realistic deviation from the rational model significantly alters aggregate consumption responses to income shocks of varying sizes."> <META NAME="citation_publisher" content="National Bureau of Economic Research, Inc"> <META NAME="citation_journal_title" content="NBER Working Papers"> <META NAME="citation_keywords" content=""> <META NAME="citation_abstract_html_url" content="https://ideas.repec.org/p/nbr/nberwo/33464.html"> <META NAME="citation_abstract_pdf_url" content="https://ideas.repec.org/p/nbr/nberwo/33464.html"> <META NAME="redif-type" content="paper"> <META NAME="citation_type" content="redif-paper"> <META NAME="citation_technical_report_number" content="33464"> <META NAME="citation_year" content="2025"> <META NAME="twitter:card" content="summary_large_image"> <META NAME="twitter:site" content="@repec_org"> <META NAME="twitter:title" content="Quick-Fixing: Near-Rationality in Consumption and Savings Behavior, by"> <META NAME="twitter:description" content="When optimizing consumption-savings decisions is costly, people may instead rely on quick-fixes, simple policy functions that avoid these costs. 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To study it empirically, we field a novel survey that measures households' consumption policy functions in response to income shocks. Almost 70% of households follow one of four simple quick-fixes that fully consume or fully save out of small shocks, but they abruptly adjust their behavior for large shocks. This behavior accounts for almost half of the cross-sectional variance in marginal propensities to consume, but is poorly predicted by other demographic and economic information. In an incomplete-markets model calibrated to match our evidence, we find that quick-fixing is near-rational: the average opportunity cost of quick-fixing is only $17 per quarter. Yet, this small, empirically realistic deviation from the rational model significantly alters aggregate consumption responses to income shocks of varying sizes.", "keywords": "", "author": "Peter Andre & Joel P. 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show active" id="author-abstract" role="tabpanel" aria-labelledby="author-abstract-tab"> <h2>Author</h2> <div id="author-body"> <div id="authortable"> <div id="listed-authors">Listed: <ul id="authorlist"><li class="authorname">Peter Andre</li> <li class="authorname">Joel P. Flynn</li> <li class="authorname">Georgios Nikolakoudis</li> <li class="authorname">Karthik Sastry</li> </ul></div><div id="registered-authors"> <a href="https://authors.repec.org/">Registered:</a> <ul id="authorregistered"><li><a href="/f/pan759.html">Peter Andre </A></li> </ul> </div> </div> </div> <h2 style="clear:left">Abstract</h2><div id="abstract-body">When optimizing consumption-savings decisions is costly, people may instead rely on quick-fixes, simple policy functions that avoid these costs. We introduce a model of quick-fixing. To study it empirically, we field a novel survey that measures households' consumption policy functions in response to income shocks. Almost 70% of households follow one of four simple quick-fixes that fully consume or fully save out of small shocks, but they abruptly adjust their behavior for large shocks. This behavior accounts for almost half of the cross-sectional variance in marginal propensities to consume, but is poorly predicted by other demographic and economic information. In an incomplete-markets model calibrated to match our evidence, we find that quick-fixing is near-rational: the average opportunity cost of quick-fixing is only $17 per quarter. Yet, this small, empirically realistic deviation from the rational model significantly alters aggregate consumption responses to income shocks of varying sizes.</div> <h2>Suggested Citation</h2> <div id="biblio-body"> <LI class="list-group-item downgate"> Peter Andre & Joel P. Flynn & Georgios Nikolakoudis & Karthik Sastry, 2025. "<B><A HREF="/p/nbr/nberwo/33464.html">Quick-Fixing: Near-Rationality in Consumption and Savings Behavior</A></B>," <A HREF="/s/nbr/nberwo.html">NBER Working Papers</A> 33464, National Bureau of Economic Research, Inc. </li> Handle: <i style="word-break:break-all">RePEc:nbr:nberwo:33464</i> <br>Note: EFG ME <form method="post" action="/cgi-bin/refs.cgi" enctype="multipart/form-data" target="refs" class="form-inline" role="form" style="margin-bottom: 10px;"> <input type="hidden" name="handle" value="RePEc:nbr:nberwo:33464"> <div class="pull-left" style="padding-right: 2px;"> <input type="submit" class="btn btn-default fa" name="ref" value="Export reference "> as </div> <div class="col-xs-8" style="padding-left: 0;"> <select name="output" size="1"> <option value="0">HTML</option> <option value="0.5">HTML with abstract</option> <option value="1">plain text</option> <option value="1.5">plain text with abstract</option> <option value="2">BibTeX</option> <option value="3">RIS (EndNote, RefMan, ProCite)</option> <option value="4">ReDIF</option> <option value="6">JSON</option> </select> </div> </form></div> </div> <div class="tab-pane fade" id="download" role="tabpanel" aria-labelledby="download-tab"> <h2>Download full text from publisher</h2><p></p> <FORM METHOD=GET ACTION="/cgi-bin/get_doc.pl" target="_blank"> <INPUT TYPE=HIDDEN NAME="urn" VALUE="RePEc:nbr:nberwo:33464"><INPUT TYPE="radio" NAME="url" VALUE="http://www.nber.org/papers/w33464.pdf" checked><B>File URL:</B> <span style="word-break:break-all">http://www.nber.org/papers/w33464.pdf</span><BR><B>Download Restriction:</B> Access to the full text is generally limited to series subscribers, however if the top level domain of the client browser is in a developing country or transition economy free access is provided. More information about subscriptions and free access is available at http://www.nber.org/wwphelp.html. Free access is also available to older working papers.<BR> <font size="+2" color="red">---><INPUT TYPE="SUBMIT" class="btn fa" VALUE="Download the selected file " style="color:white;background-color:#2d4e8b;"><---</font></FORM><P>As the access to this document is restricted, you may want to look for a different version below or <A HREF="/cgi-bin/htsearch2?q=%22Quick+Fixing++Near+Rationality+in+Consumption+and+Savings+Behavior%22" rel="nofollow">search</A> for a different version of it. <h2>Other versions of this item:</h2> <div class="otherversion"><UL><LI class="list-group-item downfree"> Andre, Peter & Flynn, Joel P. & Nikolakoudis, George & Sastry, Karthik A., 2024. "<B><A HREF="https://ideas.repec.org/p/zbw/safewp/306361.html">Quick-fixing: Near-rationality in consumption and savings behavior</A></B>," <A HREF="https://ideas.repec.org/s/zbw/safewp.html">SAFE Working Paper Series</A> 434, Leibniz Institute for Financial Research SAFE. </UL></div> </div> <div class="tab-pane fade" id="refs" role="tabpanel" aria-labelledby="refs-tab"><h2>References listed on IDEAS</h2><form method="post" action="/cgi-bin/refs.cgi" enctype="multipart/form-data" target="refs" class="form-inline" role="form" style="margin-bottom: 10px;"> <input type="hidden" name="handle" value="repec:nbr:nberwo:29664#repec:oup:revfin:v:27:y:2023:i:6:p:2271-2304.#repec:nbr:nberwo:24386#repec:hal:wpspec:hal-04305929#repec:azt:cemmap:13/24#repec:fip:fednsr:902#repec:iza:izadps:dp13604#repec:eee:ecolet:v:195:y:2020:i:c:s0165176520302603#repec:cpr:ceprdp:18676#repec:nbr:nberwo:32191#repec:hal:wpaper:hal-04305929#repec:nbr:nberwo:27693#repec:nbr:nberwo:27097#repec:onb:oenbwp:231#repec:cep:cepdps:dp1998#repec:nbr:nberwo:32523#repec:oup:restud:v:88:y:2021:i:4:p:1760-1795.#repec:bfi:wpaper:2020-55#repec:aea:aecrev:v:115:y:2025:i:1:p:1-42#repec:bfi:wpaper:2020-109#repec:red:sed019:519#repec:fip:fednsr:843#repec:ces:ceswps:_8510#repec:hal:spmain:hal-04305929"> <div class="pull-left" style="padding-right: 2px;"> <input type="submit" class="btn btn-default fa" name="ref" value="Export references "> as </div> <div class="col-xs-8" style="padding-left: 0;"> <select name="output" size="1"> <option value="0">HTML</option> <option value="0.5">HTML with abstract</option> <option value="1">plain text</option> <option value="1.5">plain text with abstract</option> <option value="2">BibTeX</option> <option value="3">RIS (EndNote, RefMan, ProCite)</option> <option value="4">ReDIF</option> <option value="6">JSON</option> </select> </div> </form> <ol class="list-group"><LI class="list-group-item downfree"> Johannes Boehm & Etienne Fize & Xavier Jaravel, 2025. "<B><A HREF="/a/aea/aecrev/v115y2025i1p1-42.html">Five Facts about MPCs: Evidence from a Randomized Experiment</A></B>," <A HREF="/s/aea/aecrev.html">American Economic Review</A>, American Economic Association, vol. 115(1), pages 1-42, January. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Johannes Boehm & Etienne Fize & Xavier Jaravel, 2023. "<B><A HREF="/p/hal/spmain/hal-04305929.html">Five Facts about MPCs: Evidence from a Randomized Experiment</A></B>," <A HREF="/s/hal/spmain.html">SciencePo Working papers Main</A> hal-04305929, HAL. <LI class="list-group-item downfree"> Johannes Boehm & Etienne Fize & Xavier Jaravel, 2023. "<B><A HREF="/p/hal/wpspec/hal-04305929.html">Five Facts about MPCs: Evidence from a Randomized Experiment</A></B>," <A HREF="/s/hal/wpspec.html">SciencePo Working papers</A> hal-04305929, HAL. <LI class="list-group-item downfree"> Johannes Boehm & Etienne Fize & Xavier Jaravel, 2024. "<B><A HREF="/p/cep/cepdps/dp1998.html">Five facts about MPCs: Evidence from a randomized experiment</A></B>," <A HREF="/s/cep/cepdps.html">CEP Discussion Papers</A> dp1998, Centre for Economic Performance, LSE. <LI class="list-group-item downfree"> Johannes Boehm & Etienne Fize & Xavier Jaravel, 2023. "<B><A HREF="/p/hal/wpaper/hal-04305929.html">Five Facts about MPCs: Evidence from a Randomized Experiment</A></B>," <A HREF="/s/hal/wpaper.html">Working Papers</A> hal-04305929, HAL. <LI class="list-group-item downgate"> Boehm, Johannes & Fize, Etienne & Jaravel, Xavier, 2023. "<B><A HREF="/p/cpr/ceprdp/18676.html">Five Facts about MPCs: Evidence from a Randomized Experiment</A></B>," <A HREF="/s/cpr/ceprdp.html">CEPR Discussion Papers</A> 18676, C.E.P.R. Discussion Papers. </UL></div> <LI class="list-group-item downgate"> Roberto Colarieti & Pierfrancesco Mei & Stefanie Stantcheva, 2024. "<B><A HREF="/p/nbr/nberwo/32191.html">The How and Why of Household Reactions to Income Shocks</A></B>," <A HREF="/s/nbr/nberwo.html">NBER Working Papers</A> 32191, National Bureau of Economic Research, Inc. <LI class="list-group-item downfree"> Daniel J. Lewis & Davide Melcangi & Laura Pilossoph, 2019. "<B><A HREF="/p/fip/fednsr/902.html">Latent Heterogeneity in the Marginal Propensity to Consume</A></B>," <A HREF="/s/fip/fednsr.html">Staff Reports</A> 902, Federal Reserve Bank of New York. <div class="otherversion"><UL> <LI class="list-group-item downgate"> Daniel Lewis & Davide Melcangi & Laura Pilossoph, 2024. "<B><A HREF="/p/nbr/nberwo/32523.html">Latent Heterogeneity in the Marginal Propensity to Consume</A></B>," <A HREF="/s/nbr/nberwo.html">NBER Working Papers</A> 32523, National Bureau of Economic Research, Inc. <LI class="list-group-item downfree"> Daniel Lewis & Davide Melcangi & Laura Pilossoph, 2024. "<B><A HREF="/p/azt/cemmap/13-24.html">Latent heterogeneity in the marginal propensity to consume</A></B>," <A HREF="/s/azt/cemmap.html">CeMMAP working papers</A> 13/24, Institute for Fiscal Studies. <LI class="list-group-item downfree"> Daniel Lewis & Davide Melcangi & Laura Pilossoph, 2019. "<B><A HREF="/p/red/sed019/519.html">Latent Heterogeneity in the Marginal Propensity to Consume</A></B>," <A HREF="/s/red/sed019.html">2019 Meeting Papers</A> 519, Society for Economic Dynamics. </UL></div> <LI class="list-group-item downgate"> Andreas Fuster & Greg Kaplan & Basit Zafar, 2021. "<B><A HREF="/a/oup/restud/v88y2021i4p1760-1795..html">What Would You Do with $500? 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