Shefrin and Thaler show that plausible assumptions about mental accounting for wealth predict important deviations from life-cycle savings theory. For example, the measured marginal propensities to consume (MPC) an extra dollar of income from different income categories are very different. The MPC from housing equity is extremely
low (people don’t see their house as a pile of cash). On the other hand, the MPC
from windfall gains is substantial and often close to 1 (the MPC from one-time
tax cuts is around 1/3–2/3).引自第32页
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