Less is more: Negative income shock increases immediate preference in cross commodity discounting and food demand

Mellis, Alexandra M.; Athamneh, Liqa N.; Stein, Jeffrey S.; Sze, Yan Yan; Epstein, Leonard H.; Bickel, Warren K.

doi:10.1016/j.appet.2018.06.032

Cited by 56 publications

(53 citation statements)

References 40 publications

(60 reference statements)

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“…For example, income loss has been associated with a shift toward consumption of less healthy foods, eg, foods that are more energy dense and yield more calories for a given price. 30,31 Income drops may also result in loss of health insurance coverage, 32 although we did not observe that in this study population. Large drops in income may also lead to financial stress and worry, which are in turn linked to stresscoping behaviors such as increased intensity of cigarette smoking and alcohol use.…”

Section: Discussioncontrasting

confidence: 57%

Longitudinal Associations Between Income Changes and Incident Cardiovascular Disease

et al. 2019

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IMPORTANCE Higher income is associated with lower incident cardiovascular disease (CVD). However, there is limited research on the association between changes in income and incident CVD. OBJECTIVE To examine the association between change in household income and subsequent risk of CVD. DESIGN, SETTING, AND PARTICIPANTS The Atherosclerosis Risk In Communities (ARIC) study is an ongoing, prospective cohort of 15 792 community-dwelling men and women, of mostly black or white race, from 4 centers in the United States (Jackson, Mississippi; Washington County, Maryland; suburbs of Minneapolis, Minnesota; and Forsyth County, North Carolina), beginning in 1987. For our analysis, participants were followed up until December 31, 2016. EXPOSURES Participants were categorized based on whether their household income dropped by more than 50% (income drop), remained unchanged/changed less than 50% (income unchanged), or increased by more than 50% (income rise) over a mean (SD) period of approximately 6 (0.3) years between ARIC visit 1 (1987-1989) and visit 3 (1993-1995). MAIN OUTCOMES AND MEASURES Our primary outcome was incidence of CVD after ARIC visit 3, including myocardial infarction (MI), fatal coronary heart disease, heart failure (HF), or stroke during a mean (SD) of 17 (7) years. Analyses were adjusted for sociodemographic variables, health behaviors, and CVD biomarkers. RESULTS Of the 8989 included participants (mean [SD] age at enrollment was 53 [6] years, 1820 participants were black [20%], and 3835 participants were men [43%]), 900 participants (10%) experienced an income drop, 6284 participants (70%) had incomes that remained relatively unchanged, and 1805 participants (20%) experienced an income rise. After full adjustment, those with an income drop experienced significantly higher risk of incident CVD compared with those whose incomes remained relatively unchanged (hazard ratio, 1.17; 95% CI, 1.03-1.32). Those with an income rise experienced significantly lower risk of incident CVD compared with those whose incomes remained relatively unchanged (hazard ratio, 0.86; 95% CI, 0.77-0.96). CONCLUSIONS AND RELEVANCE Income drop over 6 years was associated with higher risk of subsequent incident CVD over 17 years, while income rise over 6 years was associated with lower risk of subsequent incident CVD over 17 years. Health professionals should have greater awareness of the influence of income change on the health of their patients.

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Section: Discussioncontrasting

confidence: 57%

Longitudinal Associations Between Income Changes and Incident Cardiovascular Disease

et al. 2019

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“…This is because the decisive significance of these technologies may dominate the reasonable and rational human decisions which, subordinated to algorithmically worked out solutions for emerging processes, may negatively affect the environment and lead to the tendency, not fully recognized yet, according to which masses of human beings would be subordinated to a small group of people ruling over them through algorithmic knowledge enhanced by the power of artificial intelligence and biotechnology. It is observed by many authors (Harari, 2017, Mellis et al, 2018, among others. In their works, they look at the past of the human species and assess their future while trying to outline the possible paths of change in the near future.…”

Section: Results and Discussion -Globalization Processes In Endogenoumentioning

confidence: 69%

Socio-Economic Convergence in Models of Endogenous Economic Growth

Szkutnik¹,

Szkutnik²

2018

EMS

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The main results regarding determined goals of the paper concern the analysis of convergence in relation to the convergence processes from the point of view of physical capital and human knowledge, as well as labour resources. They usually refer to Mankiw's model that is a generalisation of the neoclassical Solow model. The major goal of deliberations conducted in the paper can lead to the conclusion that the phenomenon of convergence raises several methodological controversies resulting from inclusion of the very method of GDP per capita estimation, or firstly, the additional Mankiw's variable, i.e. human capital. Various sources, frequently different in the assessment of specific economic indicators prove, that in the countries of significant underdevelopment, the share of human capital followed what was not always positive in other regions of the world. The paper indicates the emergence of knowledge capital that is an empirically weakly defined variable, yet vital in convergence analyses. The measurements of knowledge capital applied in various models are usually not the same or reliable, which causes poor identification of the model, and the lack of possibility to compare obtained results. This leads to a distortion of the model of evaluation of the level of cohesion in compared economies. It results from the fact that such resources as human capital are not directly observable. The paper presents other possible ways of measuring the knowledge capital proposed in the literature, and it especially indicates that it requires the adoption of additional restrictive assumptions. In particular, it is assumed that the pace of technological progress is constant over time and between countries. The paper also evaluates the chances of convergence of countries with a lower degree of economic and social development, while taking into account the economic context.

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“…Note, that we tested temporal discounting in the domain of finance. Future studies are needed to examine whether similar results are observed for temporal choices in other domains such as food or other consumables (Mellis et al, 2018).…”

Section: Discussionmentioning

confidence: 75%

Income shock increases delay discounting independently of emotion

Blain¹,

Globig²,

Sharot³

2021

Preprint

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How to distribute resource consumption over time is a critical optimization problem. If an agent were to consume all available resources, they would be left with insufficient resources in the future. Inversely, if an agent were to save all their resources for later, they might not live long enough to consume them. The first error is common due to “temporal discounting” - the tendency to value immediate rewards over equivalent future rewards. A major research goal is to identify the factors that influence the temporal discounting rate, so that policy makers could develop interventions to correct for imbalance. It has been shown that a negative change in life circumstances, such as loss of income, is associated with an increase in temporal discounting. Interestingly, negative affect is also associated with increased temporal discounting. Here, we test whether both negative income shock and negative affect lead to greater temporal discounting, and whether they do so independently. We tested 1,145 individuals as the market was crashing in late March 2020 and unemployment rising due to the COVID-19 crisis and then retested 200 individuals as the market was recovering in June 2020. We found that income shock was strongly related to an increase in delay discounting using cross-sectional and longitudinal data. Importantly, this relationship was independent of the negative impact on affect. These findings suggest that the link between income change and delay discounting is a direct result of liquidity constraints, not of changes in affect. This independence may be adaptive, as affect is a noisy reflection of environmental constraints, which may introduce noise to the decision problem leading to suboptimal choice.

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Less is more: Negative income shock increases immediate preference in cross commodity discounting and food demand

Cited by 56 publications

References 40 publications

Longitudinal Associations Between Income Changes and Incident Cardiovascular Disease

Longitudinal Associations Between Income Changes and Incident Cardiovascular Disease

Socio-Economic Convergence in Models of Endogenous Economic Growth

Income shock increases delay discounting independently of emotion

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