INTERTEMPORAL CONSUMPTION WITH ANTICIPATING, REMEMBERING, AND EXPERIENCING SELVES

• 成果类型: Article
• 署名作者: Cosaert, Sam; Potoms, Tom
• 署名单位: University of Antwerp; University of Sussex; University of Sussex
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12705
• 发表日期: 2024
• 页码: 1283-1322
• 关键词: Revealed preference; time; utility; habits; CHOICE; expectations; SEQUENCES; tests

摘要

We study intertemporal choice through a novel and flexible framework that accounts for savoring of future consumption and memories of past consumption. The model uses standard intertemporal budget constraints but enriches preference structures with utility from anticipation, remembering, and experience. We also present an internal commitment mechanism that ensures dynamic consistency. We provide a revealed preference characterization of this model and apply it to quarterly consumption data from Spanish households. Utility from anticipation is important-and time inconsistency not strictly needed-to rationalize consumption patterns in the data.