On the psychology of saving: An essay on economic behavior

Wärneryd, Karl‐Erik

doi:10.1016/0167-4870(89)90041-x

Cited by 101 publications

(87 citation statements)

References 9 publications

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“…Recently many studies have adopted consumer behavior theories and techniques to provide a more holistic view of investing, the preferences that affect it, and also financial behaviors in general (Beal et al, 2005;Clark-Murphy & Soutar, 2005;Canova et al, 2005;Hsee et al, 2008;Liang et al, 2009;Lovett & MacDonald, 2005;Meier et al, 1999;Sullivan & Miller, 1996;Wärneryd, 1999). This approach posits that consumers may desire and obtain certain outcomes from investments that have not been anticipated in mainstream finance and economic literature.…”

Section: Introductionmentioning

confidence: 99%

Development and validation of the Perceived Investment Value (PIV) scale

Puustinen¹,

Maas²,

Karjaluoto³

2013

Journal of Economic Psychology

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Section: Introductionmentioning

confidence: 99%

Development and validation of the Perceived Investment Value (PIV) scale

Puustinen¹,

Maas²,

Karjaluoto³

2013

Journal of Economic Psychology

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“…Both psychologists and psychologically-minded economists, however, have questioned this assumption (Arkes et al, 1994;Fogel, 2004;Heath & Soll, 1996;Kahneman & Tversky, 1984;Shefrin & Thaler, 1990;Thaler, 1990;Warneryd, 1999). Few stimuli in the environment, after all, can be evaluated absolutely but instead must be evaluated in comparison to some standard or reference point.…”

Section: Introductionmentioning

confidence: 99%

Bonus of rebate?: the impact of income framing on spending and saving

Epley

Mak

Idson³

2006

J. Behav. Decis. Making

103

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All income increases a person's absolute wealth, but consumption decisions may be based more heavily on perceived changes in wealth. Change is computed by comparing a current state with a former state, and we predicted that people would be more likely to spend income framed as a gain from a current wealth state than income framed as a return to a prior state. Four experiments confirmed this prediction on people's memory for spending of a government tax rebate (Experiment 1), on unobtrusive self-report measures of spending an unexpected windfall (Experiments 2 and 3), and on actual spending on items for sale in a laboratory experiment (Experiment 4). These results can be explained, at least in part, by the reference points implied in the framing of income (follow-ups to Experiments 1 and 4). Discussion focuses on implications for the consumption of other commodities, assessments of risk, and government tax policies.

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“…Si la comparación social es con grupos que están sobre el estatus socioeconómico real, esta puede ser una variable subyacente que lleve a los individuos a gastar, incluso, más allá de sus recursos monetarios para adquirir productos que ellos consideran propios del grupo de su aspiración. En consecuencia, si tienen altos ingresos en relación con su grupo de referencia, tenderán a ahorrar el excedente; por el contrario, si cuentan con unos ingresos relativamente bajos en relación con su grupo de referencia, se mostrarán más dispuestos a contraer deudas (Wärneryd, 1999).…”

Section: Marco Teóricounclassified