We propose that individuals consider future versions of themselves to truly be separate persons, not simply as a convenient modeling device but in terms of actual brain systems and decision]making processes. Intertemporal choices are thus quite literally strategic interactions between multiple...

The use of paper instruments-cash and checks-has been declining in the United States, and consumers have been gradually replacing paper with cards and electronic payments. Stavins (2021) examines the evolution of payments from paper to cards and electronic payments, while Shy (2020) shows the...

Using transaction data from a US consumer payments diary, we revisit the credit card debt puzzle-a scenario in which consumers revolve credit card debt while also keeping liquid assets as bank account deposits. This scenario is very common: 42 percent of consumers in our sample were...

We estimate a supply and demand model of private college education services in Mexico for the 2005-2019 period, in order to identify the factors that influenced the dynamics of their equilibrium prices. The model is estimated with two- and three-stage least squares using panel data at the state...

This paper studies commodity taxation in a model featuring heterogeneous consumers, imperfect competition, and tax salience. We derive new formulas for the incidence and marginal excess burden of commodity taxation highlighting interactions between tax salience and market structure. We estimate...

The Big Five personality traits-openness to experience, conscientiousness, extroversion, agreeableness, and neuroticism-are widely used in understanding human behavior. Using data collected from a survey and diary of consumer payment choice, we investigate how the Big Five traits affect three...

We quantify the contribution of rental income to pre- and post-government equivalent household income inequality and of housing wealth to net wealth inequality between 2002 and 2017 in Germany by means of a factor decomposition. Further, we differentiate by region types (urban vs. rural, large...

The way that consumers make payments is changing rapidly and attracts important current policy interest. This paper develops and estimates a structural model of adoption and use of payment instruments by U.S. consumers. We use a cross-section of data from the Survey of Consumer Payment Choice, a...

We exploit scanner data to track payment choice for grocery purchases for a large panel of households over three years. We show that households focus most of their expenditures on one or at most two of these instruments in choosing between using cash, a check, or a card, and they very rarely...

Using data from a nationally representative survey on consumer payment behavior, we estimate Heckman two-stage regressions on the adoption and use of seven different payment instruments. We find that the characteristics of payments are important in determining consumer payment behavior, even...