منابع مشابه
Non-hyperbolic time inconsistency
The commonly used hyperbolic and quasi-hyperbolic discount functions have been developed to accommodate decreasing impatience, which is the prevailing empirical finding in intertemporal choice, in particular for aggregate behavior. However, these discount functions do not have the flexibility to accommodate increasing impatience or strongly decreasing impatience. This lack of flexibility is par...
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Standard analyses of economic policy assume exponential discounting, even though empirical and experimental evidence shows that preferences are time-inconsistent and discounting is hyperbolic. When policy makers– or the voters they must satisfy– apply smaller discount rates for long-term than for short-term decisions, they benefit from strategically investing in infrastructure and technologies ...
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This paper analyzes the impact of (quasi-) hyperbolic discounting on timing and numbers of births. Using a simple three period model it shows that without the ability to save and borrow hyperbolic discounters postpone births and give birth to less children than previously intended. In the presence of a (perfect) capital market additional qualifications are required to obtain similar results. In...
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Time consistency has become an integral part of explanations of many economic phenomena, in large part because of insights it gives into these phenomena. For example, it helps us to formalize and hence better understand a welfare-maximizing government’s incentive to promise that accumulated capital will not be taxed and then to use a capital levy in the face of severe revenue shortfalls. The go...
متن کاملOptimal Screening of Time Inconsistency
This paper develops a theory of optimal provision of commitment devices to people who value both commitment and exibility, and whose preferences di¤er in the degree of time inconsistency. If time inconsistency is observable, then both a planner and a monopolist provide devices that help each person commit to the e¢ cient level of exibility. But the combination of unobservable time inconsisten...
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ژورنال
عنوان ژورنال: The American Economist
سال: 2013
ISSN: 0569-4345,2328-1235
DOI: 10.1177/056943451305800208