Download This PaperBehavioral Foundations for the Keynesian Consumption Function
31 Pages Posted: 7 Feb 2007 Last revised: 2 Dec 2009
Date Written: 2007
Abstract
This paper has two main goals. The first is to show that behavioral rather than maximizing principles emerge from textual analysis as the microeconomic foundations for Keynes’s Consumption Theory; the second goal is to demonstrate the possibility of grounding a Keynesian-type aggregate consumption function on the basis of (some of) the principles underlying contemporary behavioral models.
Keywords: Keynes, Behavioral Economics, Consumption, Heuristics, Myopia, Hyperbolic Discounting, Mental Accounting
JEL Classification: B22, D01, D11, D91, E12, E21
Suggested Citation: Suggested Citation
D'Orlando, Fabio and Sanfilippo, Eleonora, Behavioral Foundations for the Keynesian Consumption Function (2007). Available at SSRN: https://ssrn.com/abstract=961780 or http://dx.doi.org/10.2139/ssrn.961780
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