Mental Accounting and Consumer Choice: Evidence from Commodity Price Shocks
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We formulate a test of the fungibility of money based on parallel shifts in the prices of different quality grades of a commodity. We embed the test in a discrete-choice model of product quality choice and estimate the model using panel microdata on gasoline purchases. We find that when gasoline
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美国国家经济研究局创建时间：
2012-07-01
