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Fungibility, Labels, and Consumption

Abstract:

Fungibility of money is a central assumption in the theory of consumer choice: any unit of money is substitutable for another. This implies that the composition of income or wealth is irrelevant for consumption. We nd in a eld experiment that even in a simple, incentivized setup many subjects do not treat money as fungible. When a label is attached to a part of their budget, subjects change consumption according to the label. A controlled laboratory experiment conrms this result and further s...

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Publisher:
University of Nottingham
Series:
CeDEx Discussion Paper Series
Publication date:
2010-01-01
Language:
English
UUID:
uuid:f785725d-32d1-4e0d-90ab-5d7ed0da16de
Local pid:
oai:economics.ouls.ox.ac.uk:15285
Deposit date:
2011-12-16

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