Experienced Utility, Engel Curves and Expenditure Choices
利用意大利居民2016年数据，通过非参数工具变量阈值回归估计不同效用水平下的恩格尔曲线，发现支出行为随体验效用变化，且炫耀性消费与社会生活、幸福感紧密相关。
Abstract This study examines how individual spending behaviours change for different levels of experienced utility using a composite SWB indicator as a utility proxy and modelling expenditure behaviours through Engel curves across different utility regions. To perform the analysis, we use expenditure and SWB data for Italian residents in 2016 and estimate Engel curves through a non-parametric instrumental variable threshold regression approach. Our findings indicate that individual spending behaviours are characterized by distinct experienced utility functions, with respect to different goods' categories and durability, and corroborate the strict association between conspicuous consumption, social aspects of life, and well-being.