Investment Policy for Time-Inconsistent Discounters
نویسندگان
چکیده
منابع مشابه
Government Policy with Time Inconsistent Voters
Behavioral economics presents a “paternalistic”rationale for benevolent government intervention. This paper presents a model of public debt where voters have self-control problems and attempt to commit by accumulating illiquid assets. We introduce politicians who may indulge/exploit voters’behavioral biases. Three main insights emerge: (i) Individuals’attempts to privately undo the consequences...
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متن کاملFor Online Publication: Appendix for Government Policy with Time Inconsistent Voters
In this supplementary appendix, we study various extensions of the model in the paper. More specifically, in Section A we allow for election in the first period; in Section B we study the setting with arbitrary number of periods and convex distortions discussed in the body of the paper; in Section C we analyze a model analogous to the one presented in the paper in which agents are characterized...
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Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded official Federal Reserve Bank of Cleveland publications. The views stated herein are those of the authors and are not necessarily those of the Federal Reserve Bank...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2016
ISSN: 1556-5068
DOI: 10.2139/ssrn.2744542