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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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Commitment vs. Flexibility
Amador, Manuel; Werning, Iván; Angeletos, George-Marios - 2004
This paper studies the optimal trade-off between commitment and flexibility in an intertemporal consumption … value for flexibility - but also expect to suffer from temptations - generating a value for commitment. The model combines … the representations of preferences for flexibility introduced by Kreps (1979) with its recent antithesis for commitment …
Persistent link: https://www.econbiz.de/10014074389
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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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Who cares about the day after tomorrow? : pension issues when households are myopic or fime inconsistent
Börsch-Supan, Axel; Härtl, Klaus; Leite, Duarte - 2017
Pension economics has traditionally guided pension policy with the help of formal models based on individuals who think in a life cycle context with perfect foresight, full information, and in a time-consistent manner. This paper sheds light on selected aspects of pension economics when these...
Persistent link: https://www.econbiz.de/10011635567
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The time path of the saving rate : hyperbolic discounting and short-term planning
Farzin, Yeganeh Hossein; Wendner, Ronald - 2014
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 paths of most countries saving rates exhibit a statistically significant hump-shaped...
Persistent link: https://www.econbiz.de/10010359524
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The time path of the saving rate : hyperbolic discounting and short-term planning
Farzin, Yeganeh Hossein; Wendner, Ronald - 2014
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 paths of most countries' saving rates exhibit a statistically significant hump-shaped...
Persistent link: https://www.econbiz.de/10010373737
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Ambiguous survival beliefs and hyperbolic discounting in a life-cycle model : conference paper
Groneck, Max; Ludwig, Alexander; Zimper, Alexander - 2013
On average, young people underestimate whereas old people overestimate their chances to survive into the future. We employ a subjective survival belief model proposed by Ludwig and Zimper (2013), which can replicate these patterns. The model is compared with hyperbolic discounting within a...
Persistent link: https://www.econbiz.de/10010340559
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Kantian optimization with quasi-hyperbolic discounting
Borissov, Kirill; Pakhnin, Mikhail; Wendner, Ronald - 2022
We consider a neoclassical growth model with quasi-hyperbolic discounting under Kantian optimization: each temporal self acts in a way that they would like every future self to act. We introduce the notion of a Kantian policy as an outcome of Kantian optimization in a given class of policies. We...
Persistent link: https://www.econbiz.de/10013255890
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Aging, saving, and public pensions in Japan
Horioka, Charles Yuji; Suzuki, Wataru; Hatta, Tatsuo - 2007
We analyze the impact of population aging on Japan's household saving rate and on its public pension system and the impact of that system on Japan's household saving rate and obtain the following results: first, the age structure of Japan's population can explain the level of, and past and...
Persistent link: https://www.econbiz.de/10010332306
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Is social security behind the collapse of personal saving?
Caliendo, Frank N. - 2009
This paper considers the quantitative role of growth in the size of the social security program in contributing to the collapse of personal saving in the U.S. over the last few decades. Using a calibrated, general equilibrium life-cycle model this paper shows that social security may not be to...
Persistent link: https://www.econbiz.de/10010265973