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dc.contributor.authorChudziak, Szymon
dc.date.accessioned2023-07-21T06:54:14Z
dc.date.available2023-07-21T06:54:14Z
dc.date.issued2023-06
dc.identifier.citationChudziak Sz., Categorisation-enhanced mental-accounting consumer behaviour: demand enhancement and endogenous cycles in an overlapping-generations income-age distribution model, KAE Working Papers, 2023, nr 2023-089, s. 1-71en
dc.identifier.urihttp://hdl.handle.net/20.500.12182/1092
dc.description.abstractWeaknesses of intertemporal optimisation approaches to consumption modelling include excess sensitivity of an individual's expenditure to interest rate changes and the inability to account for the documented behavioural aspects of decision-making, such as mental accounting or infrequent purchases and debt-taking. Credibly representing category-of-goods mental accounting in an intertemporal optimisation framework is notoriously difficult, as this modelling approach imposes interrelations between the demand for different categories through first-order conditions. This breaks the principle of nonfungibility, contrary to the rationale of mental-accounting theory. Thus, a behavioural-procedural framework is needed. This work applies such an approach in the form of a merger with categorisation theories, devised in a separate paper, to modelling consumer demand in a multimarket overlapping-generations agent-based income distribution model. Consumer decisions about spending on nondurable and frequently bought durable goods and infrequently-bought durable goods, such as houses and flats, are subject to different rules, which allows to model real-world features such as infrequent purchases and rare debt-taking. The devised single and multi-agent models of consumer behaviour are consistent both with microeconomic and macroeconomic evidence on consumption. Moreover, the results of the overlapping-generations agent-based income distribution model demonstrate that income changes are greatly enhanced by behavioural responses of consumers, thus creating high aggregate demand growth.en
dc.language.isoen
dc.rightsDozwolony użytek*
dc.subjectmental accountingen
dc.subjectconsumptionen
dc.subjectconsumer choiceen
dc.subjectbehavioural economicsen
dc.subjectagent-based computational economicsen
dc.subjectsimulation modelsen
dc.subject.classificationD90en
dc.subject.classificationD91en
dc.subject.classificationE03en
dc.subject.classificationD11en
dc.subject.classificationD14en
dc.titleCategorisation-enhanced mental-accounting consumer behaviour: demand enhancement and endogenous cycles in an overlapping-generations income-age distribution modelen
dc.typeworkingPaperen
dc.description.number2023-089en
dc.description.physical1-71en
dc.description.seriesSGH KAE Working Papers Seriesen


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