Durable Goods Adoption and the Consumer Discount Factor: A Case Study of the Norwegian Book Market
利用挪威图书定价政策变化构建排除限制，识别消费者贴现因子，发现消费者比标准假设更缺乏耐心，与行为经济学实验一致。
We exploit a change in Norway’s fixed book pricing policies to construct exclusion restrictions with which to identify consumers’ discount factor. We assume that the policy change generated an unanticipated, exogenous shock to consumers’ expectations about future price cuts. Our findings suggest that consumers are much more impatient than would be implied by the real rate of interest, challenging the standard assumed rate of discounting in the extant literature on dynamic demand estimation. The high rate of consumer impatience is consistent with laboratory studies in the behavioral economics and decision-making literatures. This paper was accepted by Matthew Shum, marketing.