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We analyze the implications of household-level adjustment costs for the dynamics of aggregate consumption. We show that an economy in which agents have \"consumption commitments\" is approximately equivalent to a habit formation model in which the habit stock is a weighted average of past consumption if idiosyncratic risk is large relative to aggregate risk. Consumption commitments can thus explain the empirical regularity that consumption is excessively sensitive and excessively smooth, findings that are typically attributed to habit formation. Unlike habit formation and other theories, but consistent with empirical evidence, the consumption commitments model also predicts that excess sensitivity and smoothness vanish for large shocks. These results suggest that behavior previously attributed to habit formation may be better explained by adjustment costs. We develop additional testable predictions to further distinguish the commitment and habit models and show that the two models have different welfare implications.

Green entrepreneurship has become a growing area of interest among researchers and practitioners as it has the potential to address the sustainability challenges faced by the global economy. The purpose of this study is to evaluate six antecedents (self-efficacy, attitude, green consumption commitment, country support, university support, and subjective norms) that can predict the intention to engage in green entrepreneurship among higher education students. A total of 690 higher education students were surveyed, and the results were analyzed using partial least squares structural equation modeling (PLS-SEM). The results showed that the internal antecedents of green entrepreneurship intention (self-efficacy, attitude, and green consumption commitment) have a higher significant predictive power than the external antecedents of green entrepreneurship intention (country support, university support, and subjective norms) among higher education students. The findings of this study provide valuable insights into the factors that influence green entrepreneurship intention (GEI) and can be used to inform policy and educational initiatives aimed at promoting green entrepreneurship. The findings of this research could also draw attention from the government and universities who are interested in understanding the factors that influence students’ inclination towards green entrepreneurship. This could lead to the creation of relevant course materials, programs, and funding to promote sustainable initiatives.

This article investigates how environmental concern and value influence the sustainable entrepreneurial intention and behavior with the meditating role of entrepreneurial self-efficacy and moderating effect of green consumption commitment. The data was collected from 347 students who had pursued university education in Guangzhou, China. The hypotheses are analyzed through the partial least squares structural equation modeling PLS-SEM method. The findings demonstrate that environmental concern and value significantly influence entrepreneurial self-efficacy and sustainable entrepreneurial intention. Moreover, findings reveal that entrepreneurial self-efficacy mediates the relationship between environmental concern, value, and sustainable entrepreneurial intention. Furthermore, results indicate that sustainable entrepreneurial intention is significantly linked with actual sustainable entrepreneurial behavior, and this relationship is also positively moderated by green consumption commitment. This study offers insights for promoting sustainable entrepreneurial opportunities and confers the potential for developing sustainable entrepreneurial intention and actual behavior among university students in China.

Purpose The purpose of this paper is to study the roles of dual personal values (individualistic and collectivistic) and consumer attitudes toward dual purchase consequences (individual and environmental) as the precursors of a commitment to green consumption. Furthermore, the variance within the studied relationships is explored across the segments of the selected consumer sample. Design/methodology/approach Partial least squares and finite mixture–partial least squares path modeling approaches are employed to examine the studied relationships and check for heterogeneity, respectively, among the sample of 406 Vietnamese consumers. Findings The results indicate that individualistic values positively and negatively affect attitudes toward purchase consequences at the individual and environmental levels, respectively, while collectivistic values have only a positive impact on attitudes at the environment level. Compared to the individual level, attitudes toward environmental purchase consequences propagate a fuller commitment to green consumption. Collectivistic, but not individualistic, consumers are a suitable target segment for green business. Consumers within the selected sample exhibit different green behavioral patterns. Originality/value This research provides valuable insights into the under-researched aspect of green consumption commitment based on an extended value–attitude–behavior model. Previously unobserved heterogeneity is revealed and green consumption tendency segments are identified.

The Kingdom of Saudi Arabia (KSA) has witnessed major transformations in social, economic, and environmental aspects since the inauguration of Saudi Vision 2030 in April 2016. In alignment with this, the leadership of KSA has inaugurated green initiatives that pave the way for green investment opportunities in different industries within KSA. However, there was limited, if any, research about green investment intention and behaviour in KSA. This research tests an expanded model of the Theory of Planned Behaviour (TPB) to investigate the determinants of green investment intention in the Saudi food industry. A questionnaire survey was electronically directed to 550 fresh agricultural and food sciences graduates in public KSA universities. The results of PLS-SEM showed significant positive influences of the attitude, perceived behavioural control, green investment knowledge, and green consumption commitment on the green investment intention of potential investors. However, the results confirmed a negative influence of subjective norms on green investment intention. The results also confirmed a moderating role of religiosity on the relationship between attitude, perceived behavioural control, green consumption commitment, and green investment intention. The results send some important messages to scholars and policymakers in higher education regarding the foundation of green investment among their graduates, which are elaborated.

This study investigates green entrepreneurial intentions (GEI) and behaviors among Saudi Arabian youth, examining the influence of contextual factors such as entrepreneurial education, university environmental support, and entrepreneurial motivation. Using the Theory of Planned Behavior (TPB) as a foundational framework, this research contributes novel insights by contextualizing GEI within Saudi Arabia’s unique socio-cultural landscape and Vision 2030, a national initiative focused on economic diversification and sustainability. Data were collected from a sample of 441 university students and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). Key theoretical contributions of this study include expanding TPB by integrating environmental and motivational factors specific to Saudi youth, thereby offering a nuanced understanding of how cultural and institutional contexts shape green entrepreneurial intentions. Practically, the findings underscore the importance of embedding sustainability-focused entrepreneurship into educational curricula and suggest policy strategies to foster green entrepreneurship. This study offers critical insights for educators, policymakers, and entrepreneurs aiming to align Saudi Arabia’s youth entrepreneurship initiatives with sustainable development goals, reinforcing the role of young entrepreneurs as drivers of a sustainable future.

This paper examines households' stock market participation responses to a critical life‐cycle event, adult children's marriage. An event‐study difference‐in‐differences approach is employed to facilitate identification, which compares changes in the stock market participation behaviors of households that experience children's marriage with households that experience it later as well as households that never experience it. Exploiting household‐wide variations in exposure to children's marriage using the China Family Panel Studies data over the 2010–2020 period, this paper finds that 2 years after children's marriage, households significantly enhance their likelihood of participating in the stock market. Households' willingness to participate increases by 1.1 to 1.6 percentage points depending on specifications. This paper's finding supports time‐varying risk aversion at the household level. Mechanism analysis indicates that children's marriage raises household risk preferences because it mitigates parental old‐age support concerns and alleviates households' consumption commitment to housing and children.

Some consumption goods, such as housing, involve long-term commitments and their levels of consumption can only be altered with substantial transaction costs. Even though the commitment effect on risk preferences, portfolio choice, and asset prices has been studied, little research has been conducted on its effect on insurance demand. In this paper, we propose a two-stage model to investigate the optimal demand for insurance by agents who derive utility from the consumption of two goods, an easily adjustable good (food) and a commitment good (housing). Our numerical analysis supports the prediction by Chetty and Szeidl (2007) that commitments help rationalize the high demand for insurance against moderate losses. Moreover, our model can explain the low insurance demand for catastrophic risks to some extent. We extend our model to include both insurance purchase and investment in a risky asset. Our results indicate that, with commitments, insurance appears to be a normal good within certain wealth regions. We also find that only when the initial wealth and housing are rather inconsistent individuals are likely to purchase insurance and lottery tickets simultaneously.

Efforts to reconcile inconsistencies between theory and estimates of the income elasticity of the value of a statistical life (IEVSL) overlook important restrictions implied by a more complete description of the individual choice problem. We develop a more general model of the IEVSL that reconciles some of the observed discrepancies. Our framework describes how exogenous income shocks, such as unexpected medical expenditures, may affect labor supply decisions which in turn influence both the coefficient of relative risk aversion and the IEVSL. The presence of a consumption commitment, such as a home mortgage, also alters this labor supply adjustment. We use data from the Health and Retirement Study to explore the responsiveness of labor force exit decisions to spousal health shocks and the role of a home mortgage as a constraint on this response.