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Income, Saving, and the Theory of Consumer Behavior
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The article was published on 1949-01-01 and is currently open access. It has received 2738 citations till now. The article focuses on the topics: Permanent income hypothesis & Marginal propensity to save.read more
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Expanding the Behavioral Foundations of Labor Economics
TL;DR: In this paper, the authors examine, critique, and suggest modifications to the psychological assumptions of the rational choice model of the human agent that underlies much of the theoretical work in modern, neoclassical labor economics.
Happiness and Inequality Insights into a Difficult Relationship - and Possible Political Implications
TL;DR: This paper explored the relationship between happiness and inequality and found that happiness is closely related to John Stuart Mill's neo-Aristotelian idea of self-fulfillment and less so to the neoBenthamite notion of "hedonic pleasure".
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The Economics of Social Sentiments--The Case of Envy
TL;DR: In this article, the envy externality produced by the sentiment of envy is modelled and its specific structural properties, the conditions of its existence, the various reasons for its normative relevance, the basic tool of its analysis (envy-free preferences) and its crucial relation with the property of equality of liberty (equity) are discussed.
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Social Influence and Consumption: Evidence from the Automobile Purchases of Neighbors
Mark Grinblatt,Mark Grinblatt,Mark Grinblatt,Matti Keloharju,Matti Keloharju,Matti Keloharju,Seppo Ikäheimo +6 more
TL;DR: In this paper, the authors analyzed the automobile purchase behavior of all residents of two Finnish provinces over several years and found that the purchases of neighbors, particularly in the recent past and by those who are geographically most proximate, influence a consumer's purchases of automobiles.
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Modeling traveler choice behavior using the concepts of relative utility and relative interest
TL;DR: This paper will propose another random utility choice model by introducing the concepts of relative utility and relative interest and develop a revised MNL model and a revised Nested-MNL model, both of which do not have the IIA property.