Liquidity Constraints, Income Variance, and Buffer Stock Savings: Experimental Evidence

Duffy, John; Orland, Andreas

doi:https://doi.org/10.1111/iere.12784

Liquidity Constraints, Income Variance, and Buffer Stock Savings: Experimental Evidence

Duffy, John; Orland, Andreas

International Economic Review, 2025, 66(3), 1153-1174

アクセス数:20件（2026-02-15 20:22 集計）

固定URL: https://hdl.handle.net/11094/102949

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タイトル	Liquidity Constraints, Income Variance, and Buffer Stock Savings: Experimental Evidence
著者	researchmap permalink john_duffy john_duffy Scopus Author ID 56450132900 56450132900 著者名 Duffy, John
著者	著者名 Orland, Andreas
キーワード等	buffer stock model
	consumption
	debt aversion
	experimental economics
	income variance
	intertemporal optimization
	liquidity constraints
	savings
JEL分類コード (JEL)	C91
	D15
	D81
	D91
	E21
内容	Duffy J., Orland A.. Liquidity Constraints, Income Variance, and Buffer Stock Savings: Experimental Evidence. International Economic Review 66, 1153 (2025); https://doi.org/10.1111/iere.12784.
抄録	We test the buffer stock model of savings behavior using a three-period intertemporal model. In one treatment, liquidity in the second period is constrained (borrowing not possible), while the unconstrained treatment has no such constraint. The buffer stock model predicts that a second-period liquidity constraint increases first-period savings. We also vary the variance of stochastic income (high or low) in a (Formula presented.) design. While we find no evidence for the predicted liquidity constraint effect, most other predictions hold, for example, income variance effects. Observed departures can be explained by some combination of debt aversion, cognitive heterogeneity, and/or learning.
出版者	John Wiley and Sons Inc
収録物名	International Economic Review
巻(号)	66(3)
ページ	1153-1174
刊行年月	2025-06-13
言語	英語
ハンドルURL	https://hdl.handle.net/11094/102949
PISSN	00206598
eISSN	14682354
関連情報 (isIdenticalTo)	DOI (出版社版) https://doi.org/10.1111/iere.12784
アクセス権	open access
権利情報	This article is licensed under a Creative Commons Attribution 4.0 International License.
出版タイプ	Version of Record
カテゴリ	学術雑誌論文 Journal Article

資源タイプ	学術雑誌論文
ローカル資源タイプ	学術雑誌論文
DCMI資源タイプ	text
DCTERMS.bibliographicCitation	International Economic Review. 2025, 66(3), p. 1153-1174
DC.title	Liquidity Constraints, Income Variance, and Buffer Stock Savings: Experimental Evidence
DC.creator	Duffy, John
DC.creator	Orland, Andreas
DC.publisher	John Wiley and Sons Inc
DC.language' scheme='DCTERMS.RFC1766	英語
DC.type' scheme='DCTERMS.DCMIType	text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2025-06-13
DC.identifier	https://doi.org/10.1111/iere.12784
DC.subject	buffer stock model
	consumption
	debt aversion
	experimental economics
	income variance
	intertemporal optimization
	liquidity constraints
	savings
DC.description	Duffy J., Orland A.. Liquidity Constraints, Income Variance, and Buffer Stock Savings: Experimental Evidence. International Economic Review 66, 1153 (2025); https://doi.org/10.1111/iere.12784.
DCTERMS.abstract	We test the buffer stock model of savings behavior using a three-period intertemporal model. In one treatment, liquidity in the second period is constrained (borrowing not possible), while the unconstrained treatment has no such constraint. The buffer stock model predicts that a second-period liquidity constraint increases first-period savings. We also vary the variance of stochastic income (high or low) in a (Formula presented.) design. While we find no evidence for the predicted liquidity constraint effect, most other predictions hold, for example, income variance effects. Observed departures can be explained by some combination of debt aversion, cognitive heterogeneity, and/or learning.
DC.rights	This article is licensed under a Creative Commons Attribution 4.0 International License.
DC.format	102949
citation_title	Liquidity Constraints, Income Variance, and Buffer Stock Savings: Experimental Evidence
citation_author	Duffy, John
citation_author	Orland, Andreas
citation_publisher	John Wiley and Sons Inc
citation_language	英語
citation_date	2025-06-13
citation_journal_title	International Economic Review
citation_volume	66
citation_issue	3
citation_firstpage	1153
citation_lastpage	1174
citation_doi	https://doi.org/10.1111/iere.12784
citation_public_url	https://hdl.handle.net/11094/102949

Liquidity Constraints, Income Variance, and Buffer Stock Savings: Experimental Evidence

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