Persistent Cyclical Consumption

Franz Wirl · Gustav Feichtinger

6 citations0/0 files storedRationality and Society

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Decision-Making and Behavioral Economics Economic Theory and Institutions Economic theories and models

Abstract

This article reconsiders a model of Becker and Murphy on rational addiction. Inter alia, they show that a psychological property of consumption (addiction or habits) can induce complex and, in particular, cyclical behavior (binges). The purpose of this article is to prove that economic reasons (the difference between individual discounting and market rates of interest) can explain rational cycles too.

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References

1988A Theory of Rational Addiction 1973Optimal Growth with Intertemporally Dependent Preferences 1974Money and Growth: The Case of Long Run Perfect Foresight 1948Existentialism and Humanism 1988The effect of alcohol use on wages 1993Cyclical consumption patterns and rational addiction 1986Addiction and satiation 1989Optimal control theory and economic analysis 3

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