Temptation and Commitment: a Model of Hand-to-Mouth Behavior
用诱惑偏好模型解释为何富人也出现手到口消费行为，发现对承诺的需求导致偏好非流动性资产，即使流动性资产回报更高，这影响消费对财政刺激的反应。
Abstract This paper presents a model of consumption behavior that explains the presence of “wealthy hand-to-mouth” consumers using a mechanism that differs from those analyzed previously. We show that a two-asset model with temptation preferences generates a demand for commitment and thus illiquidity, leading to hand-to-mouth behavior even when liquid assets deliver higher returns than illiquid assets. This preference for illiquidity has important implications for consumption behavior and for fiscal stimulus policies. Our model matches the recent empirical evidence that Marginal Propensity to Consume remain high even for large income shocks, suggesting a larger response to targeted fiscal stimulus than previously believed.