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Testing the optimality of aggregate consumption decisions: is there rule-of-thumb behavior?
(Fundação Getulio Vargas. Escola de Pós-graduação em Economia, 2009-02-15)
Consumption is an important macroeconomic aggregate, being about 70% of GNP. Finding sub-optimal behavior in consumption decisions casts a serious doubt on whether optimizing behavior is applicable on an economy-wide scale, ...