Harbaugh 2003 Briley et al Johar et al Carroll et al Mouawiya and Elhiraika 2003 / / 2011 Fisher 1930 Akerlof 1991 Gruber and

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1 * % 58% Summers 1984 Modigliani and Brumberg 1954 Leland 1968 Hubbard et al Deaton 1991 Harbaugh * gzydz@ 126. com @ 163. com kwang. ng@ monash. edu unsw. edu. au CJL010 09AZD015 11AJY013 09YJC

2 Harbaugh 2003 Briley et al Johar et al Carroll et al Mouawiya and Elhiraika 2003 / / 2011 Fisher 1930 Akerlof 1991 Gruber and Koszegi 2001 β β < 1 β > % 79% 28% 58% 81

3 Fisher 1930 Becker and Mulligan 1997 Lu and McDonald 2006 Laibson 1997 U t s = u t + β s = t +1 δ s - t u s 1 βδ βδ 2 βδ t t t + 1 δ 0 1 βδ β β = 1 β 1 β < 1 β > 1 Krusell et al β < 1 β > 1 β > 1 δ < 1 βδ t

4 β > 1 Koszegi 2005 β β 1 t = t = 1 t = 0 t = 1 t = 2 t = 1 x U x U' > 0 U < 0 xc c t = 2 t = 1 I y 2 t = 2 xc t = 2 t = 1 γ 1 I - γxc x y y U x y = U x + U y = U x + y U y = y t = 1 U I - γxc = I - γxc t = 0 1 βδ βδ 2 0 X * Max βδ I - γxc + U x - βδ 2 xc 2 U' X * = γc + δc 3 t = 1 t = 2 t = 1 βδ Max I - γxc + U x - βδxc U' X u = γc + βδc X u t = β > 1 U' X u > U' X * X u < X * β < 1 X u > X * β

5 β = 1 θ β θ t = 0 Max 1 - θ βδ I - γxc + U x - βδ 2 xc + θ δ I - γxc + U x - δ 2 xc 6 U' X * = γc + δc 7 t = 1 Max 1 - θ I - γxc + U x - βδxc + θ I - γxc + U x - δxc U' X u = γc + δc θ β - 1 δc U' X u - U' X * = γc + βδc - γc + δc = β - 1 δc 7 9 U' X u - U' X * = 1 - θ β - 1 δc 1 - θ θ < θ 1 β 2 θ 1. 1 Rujia 2 Sex_Freq Sex_Unsafe Sex_Age Sex_Age Gailliot and Baumeister 2007 Toates 2009 Trobst et al Quinn and Fromme 2010 Gailliot & Baumeister O Donoghue & Rabin 2001 Lawrance 1991 Sourdin 2008 Gailliot & Baumeister

6 Pongratz Consum it = α + Z it β + ε it 10 Consume GDP Z GDPper Real_i SocialSecu Depend FinanDev 10 OLS ^α ^β Consume NormConsum it = ^α + Z it ^β Ex_Consume it = Consume it - NormConsum it 11 1 Consum it = β 0 + β 1 X it + β 2 Controls it + ε it 12 Consume ε it X Rujia Sex_Freq Sex_Age Sex_Unsafe Controls GDPper SocialSecu Real_i Rategap Depend FinanDev 2 Ex_Consume it = α + β 1 Edu it + β 2 Ex_Sex it + ε it 13 Ex_Consume Ex _Consume Ex _ Consume Edu Ex_Sex i t Ex_Sex it = Sex_Freq it - Sex_Freq Sex_Freq Ex_Sex it Ex_Consume Ex_Sex it Ex_Sex it 2 Ex_Sex it Edu β Durex

7 1 Netsaving GDP a Domsaving GDP a Consume GDP a a GDPper GDP a Edu a Real_i CPI b Rategap c SocialSecu / a Depend / FinanDev ln / GDP a Rujia d Sex_Freq /360 e e Sex_Unsafe e Sex_Age Sex_Freq Sex_Unsafe Sex_Age a. b. IMF c. IMF d. e. Durex http / / www. durexnetwork. org / en- GB / research OLS GDPper Rategap SocialSecu Depend Real_i FinanDev R R % LR test H 0 α i = 0 χ p H 0 λ t = 0 χ p

8 GDPper *** *** *** *** *** *** Real_i *** *** *** *** *** *** Rategap *** ** ** ** SocialSecu *** *** *** *** Depend ** * ** FinanDev *** ** ** *** Rujia *** *** Sex_Freq *** *** Sex_Unsafe Sex_Age *** *** Constant *** *** *** *** *** *** *** *** No Yes Yes No No No No No No No Yes No No No No No N adj - R *** ** * 1% 5% 10% White t 3 2 Consume Rujia % Consume % = / R % = % = 21. 8% /79% 5 Sex_Freq 1% R % = % 46% / 79% Rujia R

9 6 7 Sex_ unsafe Sex _ Age % 5 Sex_Freq R Sex_Freq 8 1 Rujia Sex_Freq % R Sex _Freq Sex _ Freq Rujia Spearman Ex_Consume Ex_Consume 10 Z 12 Ex_Consume 1 Sex_Freq Sex _Freq Sex_Freq AU Australia AT Austria Ex _ BE Belgium DK Denmark FI Finland DE Germany Consume Ex _Consume ZA South Africa ES Spain UK United Kingdom USA 1 United State Ex_Consume < 0 4 Modigliani & Cao 2004 Kroeber Sex_Age Sex_Freq Sex_Unsafe 2 Sex_Freq Sex_Age Sex_Unsafe / 101 / Durex

10 GDPper SocialSecu Domsaving Netsaving Domsaving Rujia Sex_Freq % Netsaving A Ex_consume 1 Ex_Sex % 1 2 Edu 1% 2 3 Edu Ex_Sex Edu A Ex_Consume Ex_Sex *** *** Edu *** *** Constant *** *** *** N adj - R B Ex_Domsaving Ex_Sex *** *** Edu *** *** Constant *** *** *** N adj - R C Ex_Netsaving Ex_Sex *** Edu *** *** Constant *** *** *** N adj - R B C Ex _Domsaving Ex _ Netsaving Ex_consume A

11 b c δ β β = 1 b c β 1 b c Laibson

12 β β Akerlof G. A Procrastination and Obedience American Economic Review Becker G. S. and C. Mulligan 1997 The Endogenous Determination of Time Preference Quarterly Journal of Economics Briley D. A. M. W. Morris and I. Simonson 2000 Reasons as Carriers of Culture Dynamic vs. Dispositional Models of Cultural Influence on Decision Making Journal of Consumer Research Carroll C. D. J. Overland and D. N. Weil 2000 Saving and Growth with Habit Formation American Economic Review Deaton A Saving and Liquidity Constraints Econometrica Fisher I The Theory of Interest New York Macmillan. Gailliot M. T. and R. F. Baumeister 2007 Self-regulation and Sexual Restraint Dispositionally and Temporarily Poor Self- Regulatory Abilities Contribute to Failures at Restraining Sexual Behavior Personality and Social Psychology Bulletin Gruber J. and B. Koszegi 2001 Is Addiction Rational Theory and Evidence Quarterly Journal of Economics Harbaugh R China s High Savings Rates Working Paper. Hubbard R. G. J. Skinner and S. P. Zeldes 1995 Precautionary Saving and Social Insurance Journal of Political Economy Johar G. V. D. Maheswaran and L. A. Peracchio 2006 Mapping the Frontiers Theoretical Advances in Consumer Research on Memory Affect and Persuasion Journal of Consumer Research An Interdisciplinary Quarterly Koszegi B On the Feasibility of Market Solutions to Self-Control Problems Swedish Economic Policy Review Kroeber A China s Consumption Paradox Causes and Consequences Eurasian Geography and Economics Krusell P. B. Kuruscu and A. A. Smith 2002 Equilibrium Welfare and Government Policy with Quasi-Geometric Discounting Journal of Economic Theory

13 Laibson D Golden Eggs and Hyperbolic Discounting Quarterly Journal of Economics Lawrance E. C Poverty and the Rate of Time Preference Evidence from Panel Data Journal of Political Economy Leland H. E Saving and Uncertainty The Precautionary Demand for Saving Quarterly Journal of Economics Lu L. and I. McDonald 2006 Does China Save Too Much Singapore Economic Review Modigliani F. and R. Brumberg 1954 Utility Analysis and the Consumption Function An Attempt at Integration in K. Kurihara ed Post-Keynesian Economics Rutgers University Press New Brunswick NJ Modigliani F. and S. L. Cao 2004 The Chinese Saving Puzzle and the Life-Cycle Hypothesis Journal of Economic Literature Mouawiya A. and A. Elhiraika 2003 Cultural Effects and Savings Evidence from Immigrants to the United Arab Emirates Journal of Development Studies O Donoghue T. and M. Rabin 2001 Choice and Procrastination Quarterly Journal of Economics Pongratz L. A Voluntary Self-Control Education Reform as a Governmental Strategy Educational Philosophy and Theory Quinn P. D. and K. Fromme 2010 Self-Regulation as a Protective Factor against Risky Drinking and Sexual Behavior Psychology of Addictive Behaviors Sourdin P Pension Contributions as a Commitment Device Evidence of Sophistication among Time-Inconsistent Households Journal of Economic Psychology Summers L. H The After-tax Rate of Return Affects Private Savings American Economic Review Toates F An Integrative Theoretical Framework for Understanding Sexual Motivation Arousal and Behavior Journal of Sex Research Trobst K. K. J. H. Herbst and H. L. Masters 2002 Personality Pathways to Unsafe Sex Personality Condom Use and Hiv Risk Behaviors Journal of Research in Personality Consumption Culture Cognitive Bias and Consumption Anomalies Ye Dezhu a Lian Yujun b Ng Yew-Kwang c and Li Donghui d a Jinan University b Sun Yat-Sen University c Monash University d The University of New South Wales Abstract This paper loose the hypothesis of rational agent expresses the culture with cognitive bias of self control in the frame of behavioral hyperbolic discounting model and explains the mechanism of insufficient consumption in Europe and America and excessive consumption in East Asia. We regress between culture and consumption with a panel data covering 48 countries over year 1978 to The results show that traditional explanatory variables such as precautionary saving are less powerful than the unobservable country individual effects in explaining consumption rate difference and Confucianism dummy variable and sex indices which proxy culture can explain 28% and 58% of those unobservable country individual effects. This indicates that culture which unchangeable over time is stronger than traditional variables in explaining consumption rate difference across countries. In practice consumption commitment technology originated from the hyperbolic discounting model can effectively correct consumption bias due to the cognitive bias induced by consumption culture hence can make the intervention policy more effectively which is aimed at increasing internal demand in China. Key Words Consumption Culture Self-Control Hyperbolic Discounting Increasing Internal Demand JEL Classification D11 D12 Z13 92

DID 13. 0% 20. 2% 12. 6% 30 1 Leland 1968 Zeldes 1989 Zeldes 1989 Carroll Skinner 1987 Zhang & Wan

DID 13. 0% 20. 2% 12. 6% 30 1 Leland 1968 Zeldes 1989 Zeldes 1989 Carroll Skinner 1987 Zhang & Wan 2012 7! 2007 2008 13. 0% 20. 2% 12. 6% 2008 1 1990 2007 2010 2000 2007 20% 25% 2007 2010 80 1999 2007 2008 1 1999 2007 * 610074 zangwenbin@ gmail. com 100871 ggliu@ unc. edu 100871 xufei0505@ hotmail.