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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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Rising indebtedness and temptation : a welfare analysis
Nakajima, Makoto - In: Quantitative economics : QE ; journal of the … 3 (2012) 2, pp. 257-288
preferences featuring temptation and self-control. The model can capture two contrasting views: the positive view, which links … increase in indebtedness. The welfare implication is strikingly dif- ferent from the standard model without temptation, which … welfare gains from a tighter borrowing limit than in 2000s, theoptimal borrowing limit is tighter according to the temptation …
Persistent link: https://www.econbiz.de/10011756832
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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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Hyperbolical discounting and endogenous growth
Strulik, Holger - 2013
This paper provides the exact analytical solution for the standard model of endogenous growth when consumers have present-biased preferences and make time-inconsistent savings plans, which they revise continuously. It is shown that long-run growth is not necessarily lower under present-biased...
Persistent link: https://www.econbiz.de/10010202229
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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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Behavioral macroeconomics and the New Keynesian Model
Menz, Jan-Oliver - 2008
The contribution of this paper is twofold. First, a thorough presentation of the state of the art of the New Keynesian Macroeconomic model is provided. A discussion of its empirical caveats follows and some recent extensions of the standard model are evaluated in more detail. Second, a key...
Persistent link: https://www.econbiz.de/10010425874
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Hyperbolical discounting and endogenous growth : conference paper
Strulik, Holger - 2014
This paper provides the exact analytical solution for the standard model of endogenous growth when consumers have present-biased preferences and make time-inconsistent savings plans, which they revise continuously. It is shown that long-run growth is not necessarily lower under present-biased...
Persistent link: https://www.econbiz.de/10010489320
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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