The Self-Constrained Hand-to-Mouth

2021 ◽  
pp. 1-45
Author(s):  
Michael Gelman

Abstract Many studies have shown that consumption responds to the arrival of predictable income (excess sensitivity). This paper uses a buffer stock model of consumption to understand what causes excess sensitivity and to test which parametrization is consistent with empirical excess sensitivity estimates. Using high frequency granular data from a personal finance app, it finds that while liquidity constraints are a proximate cause, preferences are the ultimate cause of excess sensitivity. Furthermore, it finds that for feasible parameters, a quasi hyperbolic version of the model is more consistent with the level of excess sensitivity relative to a standard exponential model.

Author(s):  
Tullio Jappelli ◽  
Luigi Pistaferri

We analyze models that combine precautionary saving and liquidity constraints to provide a unified, more realistic treatment of intertemporal decisions. We start off with a simple three-period model to illustrate how the expectation of future borrowing constraints can induce precautionary saving even in scenarios in which marginal utility is linear. A more general model that allows liquidity constraints and precautionary saving to interact fully is the buffer stock model, of which there are two versions. One, developed by Deaton (1991), emphasizes the possibility that a prudent and impatient consumer may face credit constraints. The other, by Carroll (1997), features the same type of consumer but allows for the possibility of income falling to zero and so generating a natural borrowing constraint.


2002 ◽  
Vol 13 (03) ◽  
pp. 160-168 ◽  
Author(s):  
Michael Stewart ◽  
Rebecca Pankiw ◽  
Mark E. Lehman ◽  
Thomas H. Simpson

This investigation sought to establish the prevalence of hearing loss and hearing handicap in a population of 232 recreational firearm users. Hearing handicap was calculated based on four methods using pure-tone threshold data from the American Academy of Ophthalmology and Otolaryngology, American Academy of Otolaryngology-Head and Neck Surgery, National Institute of Occupational Safety and Health, and American Speech-Language and Hearing Association in addition to the self-report Hearing Handicap Inventory for Adults-Screener (HHIA-S). Subjects (45 female and 187 male) ranging in age from 13 to 77 years (mean = 40 years, SD = 15.1) completed a short questionnaire regarding demographics and shooting practices followed by pure-tone air audiometry at Occupational Safety and Health Administration test frequencies of 500 to 6000 Hz. A total of 177 who exhibited varying degrees of hearing loss also received a face-to-face administration of the HHIA-S. Audiometric and HHIA-S results revealed that both high-frequency hearing loss and hearing handicap varied significantly as functions of age and occupation. Significant gender effects were observed audiometrically but not as a function of hearing handicap. HHIA-S scores varied significantly as a function of high-frequency (1000–4000 Hz) hearing loss. Correlation coefficients between the four different pure-tone methods of calculating hearing handicap and the self-reported HHIA-S were highest for pure-tone methods that do not employ 500 Hz in the calculation.


Author(s):  
E. V. Gurov ◽  
S. S. Uvaysov ◽  
A. S. Uvaysova ◽  
S. S. Uvaysova

Coil inductance and capacitor capacitance depend on overall dimensions, structure, and ambient factors. They do not vary with frequency. Reactive component impedance is determined by inductance or capacitance respectively, if active resistance is not considered. This is true for the frequencies which are significantly lower than the self-resonant frequency of the component. Parasitic parameters contribution increases on approaching the self-resonant frequency. Therefore, the componentʼs actual inductance and actual capacitance on operating frequency are defined. They are provided by manufacturers and differ from the nominal values. The actual values provide more accurate impedance of components near the considered frequency. Significant deviation from the considered frequency can cause impedance mismatch even more than the nominal values can provide. Frequency response of the high-frequency circuits such as analog filters and impedance match networks are determined by components impedance, not the nominal values. Thus, calculated values must be close to the actual values. The purpose of this article is to justify actual values application instead of nominal values.


1987 ◽  
Vol 52 (2) ◽  
pp. 367-382 ◽  
Author(s):  
Bruce H. Dahlin ◽  
Robin Quizar ◽  
Andrea Dahlin

Based on published lexicostatistical dates, two intervals in the prehistory of southern Mesoamerica stand out as fertile periods in terms of the generation of new languages: the Terminal Preclassic/early Early Classic Periods, and the Early Postclassic Period. After comparing archaeological evidence with language distributions within the subregions of southern Mesoamerica during the first of these periods, we conclude that the cultural processes during both periods had the same potential for producing rapid rates of linguistic divergences. Just as rapid proliferation of linguistic divisions was symptomatic of the well-known collapse of Late Classic Maya civilization, so it can be taken as a sign of a collapse of Terminal Preclassic civilization. Both collapses were characterized by severe population reductions, site abandonments, an increasing balkanization in material culture, and disruption of interregional communication networks, conditions that were contributory to the kind of linguistic isolation that allows language divergences. Unlike in the Terminal Classic collapse episode, small refuge zones persisted in the Early Classic Period that served as sources of an evolving classicism; these refuge zones were exceptions, however, not the rule. Although the collapse of each site had its own proximate cause, we suggest that the enormous geographical range covered by these Early Classic Period site failures points to a single ultimate cause affecting the area as a whole, such as the onset of a prolonged and devastating climatic change.


2016 ◽  
Vol 17 (1) ◽  
Author(s):  
Jeppe Druedahl ◽  
Thomas H. Jørgensen

AbstractWe investigate the effects of assuming a


Author(s):  
Tullio Jappelli ◽  
Luigi Pistaferri

The chapter removes the assumption of quadratic utility and examines situations in which consumers respond to income risk by increasing current saving to protect against future shocks to income. This motive for saving is called precautionary saving, and it provides an explanation for some of the empirical findings in the literature, such as the observation that people with more volatile incomes tend to save more than individuals with more stable income patterns. Moreover, it can also explain the excess sensitivity of consumption to expected income changes. Indeed, a model with precautionary saving produces a good many predictions similar to those of the model with liquidity constraints.


Sign in / Sign up

Export Citation Format

Share Document