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In victory or defeat: Consumption responses to wealth shocks*Alex Imas, TseChun Lin, Yan Luo, and Xiaohuan Wang**Abstract Using a novel representative sample of digital payment and fund investment data, we observe a robust Ushaped relation between individual investors consumption and their financial wealth shocks. Contrary to the prediction of the wealth effect, individuals increase their consumption shortly after experiencing large positive and negative wealth shocks. The unexpected
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Victory or defeat refers to the outcomes of a competition or contest, signifying either success or failure.
Individuals or teams participating in a competition are typically required to file results in cases of victory or defeat.
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The purpose is to accurately document the results of a competition and maintain a record of achievements and failures.
Information that must be reported includes the names of the participants, the outcome (victory or defeat), scores, and any relevant details about the competition.
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