Durable Consumption and Asset Management with Transaction and Observation Costs
利用新家庭调查数据，修改现有模型将焦点从非耐用品转向耐用品，研究观察成本和交易成本如何影响投资者的交易和观察频率，数值模拟表明小观察成本和大交易成本可解释中位数投资者的行为。
The empirical evidence on rational inattention lags the theoretical developments: micro evidence on one of the most immediate consequences of observation costs––the infrequent observation of state variables––is not available in standard datasets. We contribute to filling the gap using new household surveys. To match these data we modify existing models, shifting the focus from nondurable to durable consumption. The model features both observation and transaction costs and implies a mixture of time-dependent and state-dependent rules. Numerical simulations explain the frequencies of trading and observation of the median investor with small observation costs and larger transaction costs.