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American Economic Journal: Economic Policy: Vol. 1 No. 2 (August 2009)
AEJ: Policy Volume. 1, Issue 2 | 
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AEJ: Policy Forthcoming Articles
Heterogeneity in Intra-monthly Consumption Patterns, Self-Control, and Savings at Retirement
Article Citation
Mastrobuoni, Giovanni, and
Matthew Weinberg. 2009. "Heterogeneity in Intra-monthly Consumption Patterns, Self-Control, and Savings at Retirement."
American Economic Journal: Economic Policy,
1(2): 163-89.
DOI: 10.1257/pol.1.2.163
DOI: 10.1257/pol.1.2.163
Abstract
Using data from the Continuing Survey of Food Intake by Individuals,
this paper describes the shape of consumption profiles over the
month for Social Security benefit recipients that have saved different
amounts for retirement. Individuals with income mostly made up of
Social Security and savings smooth consumption over the pay period,
while individuals without savings consume 25 percent fewer calories
the week before they receive checks relative to the week afterwards.
The findings for individuals without savings, who comprise about a
fourth of our sample, are inconsistent with the standard Life Cycle-
Permanent Income Hypothesis but are consistent with hyperbolic
discounting. (JEL D14, E21, J26)
Article Full-Text Access
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Authors
Mastrobuoni, Giovanni (Collegio Carlo Alberto and CeRP, Netspar)
Weinberg, Matthew (Cornell U)
Weinberg, Matthew (Cornell U)
JEL Classifications
D14: Personal Finance
E21: Macroeconomics: Consumption; Saving; Wealth
J26: Retirement; Retirement Policies
E21: Macroeconomics: Consumption; Saving; Wealth
J26: Retirement; Retirement Policies
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