How price shocks in formative years scar consumption for life
Published Date: 5/24/2022
Source: phys.org
Were you a teenager in the 1970s when gasoline got costlier and later found yourself driving less? If yes, you may be part of a generation whose "later-life travel behavior" was shaped by gas price shocks in its formative years, according to a research paper titled "Formative Experiences and the Price of Gasoline" by Christopher Severen, a senior economist at the Federal Reserve Bank of Philadelphia and Arthur van Benthem, Wharton professor of business economics and public policy.