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Recent models with liquidity constraints and impatience emphasize that consumers use savings to buffer income fluctuations. When wealth is below an optimal target, consumers try to increase their buffer stock of wealth by saving more. When it is above target, they increase consumption. This...
Persistent link: https://www.econbiz.de/10005504459
We experimentally study the e¤ect of time on altruism. By postponing payments in a standard Dictator game, subjects allocate a future payment between themselves and others. Since both the payoffs of the Dictator and the Receiver are delayed until the same time, standard intertemporal utility...
Persistent link: https://www.econbiz.de/10005515884
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In a critique of the Loewenstein and Prelec (1992) theory of intertemporal choice, al-Nowaihi and Dhami (2006) point … out to four errors. One of the alleged errors was that the value function in prospect theory is decreasing. But it is in …
Persistent link: https://www.econbiz.de/10005385014
This papers provides an explanation for time preference: we show that in the case of uncertain lifetime, future consumption should be weighted not only according to survival probability, but also according to a discount factor due to risk aversion with respect to the length of life. When...
Persistent link: https://www.econbiz.de/10004970382
As an alternative to the conventional methods for measuring chronic poverty, this paper proposes to use an interpersonal comparable measure of permanent income as a basis for defining and measuring chronic poverty. This approach accounts for the fact that individuals may undertake inter-period...
Persistent link: https://www.econbiz.de/10004972532
of apprehension and the penalty if caught. While evidence indicates that rational theory is applicable to acquisitive …
Persistent link: https://www.econbiz.de/10004976861
As an alternative to the conventional methods for measuring chronic poverty, this paper proposes an interpersonal comparable measure of permanent income as a basis for defining and measuring chronic poverty. This approach accounts for the fact that individuals regularly undertake inter-period...
Persistent link: https://www.econbiz.de/10004980898
This paper investigates the relationship between time preferences and lifetime social and economic behavior. We use a Swedish longitudinal dataset that links information from a large survey on children’s time preferences at age 13 to administrative registers spanning over four decades. Our...
Persistent link: https://www.econbiz.de/10011096138