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Chapter 1. Intertemporal choice
Ericson, Keith Marzilli; Laibson, David - 2019
coincide with a preference for commitment or dynamically inconsistent preferences. Present-bias is a special case of present …
Persistent link: https://www.econbiz.de/10014023383
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Saving rate dynamics in the neoclassical growth model : hyperbolic discounting and observational equivalence
Farzin, Hossein; Wendner, Ronald - 2013
The standard neoclassical growth model with Cobb-Douglas production predicts a monotonically declining saving rate, when reasonably calibrated. Ample empirical evidence, however, shows that the transition path of a country's saving rate exhibits a rising or non-monotonic pattern. In important...
Persistent link: https://www.econbiz.de/10009756310
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Saving Rate Dynamics in the Neoclassical Growth Model: Hyperbolic Discounting and Observational Equivalence
Farzin, Y. Hossein; Wendner, Ronald - 2013
The standard neoclassical growth model with Cobb-Douglas production predicts a monotonically declining saving rate, when reasonably calibrated. Ample empirical evidence, however, shows that the transition path of a country's saving rate exhibits a rising or non-monotonic pattern. In important...
Persistent link: https://www.econbiz.de/10010313216
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Management of a capital stock by Strotz's naive planner
Tyson, Christopher J. - 2007
constraints, limited foresight, and partial commitment. …
Persistent link: https://www.econbiz.de/10010284143
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Management of a Capital Stock by Strotz's Naive Planner
Tyson, Christopher J. - School of Economics and Finance, Queen Mary - 2007
credit constraints, limited foresight, and partial commitment. …
Persistent link: https://www.econbiz.de/10005106361
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Saving Rate Dynamics in the Neoclassical Growth Model – Hyperbolic Discounting and Observational Equivalence
Farzin, Y. Hossein; Wendner, Ronald - Fondazione ENI Enrico Mattei (FEEM) - 2013
The standard neoclassical growth model with Cobb-Douglas production predicts a monotonically declining saving rate, when reasonably calibrated. Ample empirical evidence, however, shows that the transition path of a country’s saving rate exhibits a rising or non-monotonic pattern. In important...
Persistent link: https://www.econbiz.de/10010665512
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Addiction and The Role of Commitment Devices
Bassi, Matteo - Centro Studi di Economia e Finanza (CSEF) - 2010
This paper studies if external commitment devices are effectively capable of helping agents to reduce their consumption … ambiguous effects on individuals' welfare. First, hyperbolic agents purchase commitment devices less often that they wish to … mild level of addiction, commitment devices effectively reduce consumption and improve health status. However, for severe …
Persistent link: https://www.econbiz.de/10008765692
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Temptation, horizontal differentiation and monopoly pricing
Miñambres, Joaquín Gómez - Departamento de Economía, Universidad Carlos III de Madrid - 2011
ideal product with temptation and commitment, if the firm positions a product close to the consumer’s temptation ideal …We study the implications for pricing strategies and product offerings of consumers’ temptation when the … differentiation of the product is horizontal. With horizontal differentiation, the temptation state is represented by a change in the …
Persistent link: https://www.econbiz.de/10009291578
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Credibility and endogenous societal discounting
Sleet, Christopher; Yeltekin, Sevin - In: Review of Economic Dynamics 9 (2006) 3, pp. 410-437
We consider a dynamic moral hazard economy inhabited by a planner and a population of privately informed agents. We assume that the planner and the agents share the same discount factor, but that the planner cannot commit. We show that optimal allocations in such settings solve the problems of...
Persistent link: https://www.econbiz.de/10005069690
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Hyperbolic Discounting and Uniform Savings Floor
Malin, Benjamin A. - Stanford Institute for Economic Policy Research … - 2005
I develop a general equilibrium model populated by agents with varying degrees of hyperbolic discounting who vote for a uniform savings floor. Although partial equilibrium intuition suggests that all individuals will prefer to have some constraint on their consumption/savings decision, I find...
Persistent link: https://www.econbiz.de/10010616034