التفاصيل البيبلوغرافية
| العنوان: |
The Hyperbolic Consumption Model: Calibration, Simulation, and Empirical Evaluation. |
| المؤلفون: |
Angeletos, George-Marios1, Laibson, David2, Repetto, Andrea3, Tobacman, Jeremy4, Weinberg, Stephen5 |
| المصدر: |
Journal of Economic Perspectives. Summer2001, Vol. 15 Issue 3, p47-68. 22p. 2 Charts, 5 Graphs. |
| مصطلحات موضوعية: |
Self-control, Savings, Liquidity (Economics), Economic models, Economics |
| مستخلص: |
This paper discusses behavioral evidence that self-control problems influence savings choices. A conceptual framework that integrates a standard economic theory of life-cycle planning with a psychological model of self-control was adopted. Hyperbolic discounting model generates numerous empirical predictions that distinguish the model from the standard model with exponential discounting. Empirical predictions distinguishes the standard exponential discounting model from the hyperbolic discounting model. Economists usually assume that discount functions are exponential. Experimental evidence implies that the actual discount function declines at a greater rate in the short run than in the long run. All forms of hyperbolic preferences induce dynamic inconsistency. Dynamic inconsistency forces the hyperbolic consumer to grapple with intrapersonal strategic conflict. Hyperbolics and exponentials dislike illiquidity for the standard reason that illiquid assets cannot be used to buffer income shocks, but this cost of illiquidity is partially offset for hyperbolics since they value commitment and the long-run dividends of illiquid assets. Households with hyperbolic discount functions tend to hold relatively little liquid wealth. |
| قاعدة البيانات: |
Finance Source |
|
لا يتم عرض النص الكامل للضيوف. |
تسجيل الدخول للوصول الكامل.
|
