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Once or Twice a Month? The Impact of Payment Frequency on Consumption Behavior
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Once or Twice a Month? The Impact of Payment Frequency on Consumption Behavior
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Journal Article
Once or Twice a Month? The Impact of Payment Frequency on Consumption Behavior
2019
Overview
We study how the number of payments within a month affects the consumption behavior of benefit recipients. In Finland, the payment dates of national pension benefits were based on the initial of the recipients’ last name, whereas earnings-related pensions were paid at the beginning of the month. This generates as-good-as-random variation in payment dates and frequencies over the month, providing a unique setup to analyze the causal impact of payment frequency on consumption patterns. We find smoother consumption choices within a month for those with two monthly payments instead of just one. However, we find no impact on the consumption of unhealthy and addictive goods such as alcohol, tobacco and gambling.
Publisher
National Tax Association
