Scarred Consumption
研究发现，经历过失业的消费者会形成持久的悲观预期，即使后来收入恢复，消费仍显著减少，并积累更多财富，这种“伤痕效应”无法用传统模型解释，而是源于经验学习。
We show that prior lifetime experiences can “scar” consumers. Consumers who have lived through times of unemployment exhibit persistent pessimism about their future financial situation and spend significantly less years later, controlling for income, employment, and other life-cycle consumption factors. Due to their experience-induced frugality, scarred consumers build up more wealth. We use a stochastic life-cycle model to show that financial constraints and traditional models of income and unemployment scarring fail to generate the negative relationship between past experiences and consumption. Instead, the relationship is consistent with experience-based learning.