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 …