²The logic of Akerlof and Yellen (1985) and Cochrane (1989) suggests tht the utility consequences of such a deviation from perfectly optimal behavior might not be too large. But such behavior might even be fully rational in a model in which measured consumption includes spending on ‘small durables’ that would generate splurge-like behavior – see Browning and Crossley (2009) for a start; see also Laibson, Maxted, and Moll (2022).