Non-parametric Analysis of Time-Inconsistent Preferences

• 成果类型: Article
• 署名作者: Blow, Laura; Browning, Martin; Crawford, Ian
• 署名单位: University of Surrey; University of Copenhagen; University of Oxford; University of Oxford
• 刊物名称: REVIEW OF ECONOMIC STUDIES
• ISSN/ISSBN: 0034-6527
• DOI: 10.1093/restud/rdaa089
• 发表日期: 2021
• 页码: 2687-2734
• 关键词: self-control; consumption; CHOICE; BEHAVIOR; utility; immediate; ECONOMICS; MODEL

摘要

This article provides a revealed preference characterisation of quasi-hyperbolic discounting which is designed to be applied to readily available expenditure surveys. We describe necessary and sufficient conditions for the leading forms of the model and also study the consequences of the restrictions on preferences popularly used in empirical lifecycle consumption models. Using data from a household consumption panel dataset, we explore the prevalence of time-inconsistent behaviour. The quasi-hyperbolic model provides a significantly more successful account of behaviour than the alternatives considered. We estimate the joint distribution of time preferences and the distribution of discount functions at various time horizons.