Dynamic choices of hyperbolic consumers
成果类型：
Article
署名作者：
Harris, C; Laibson, D
署名单位：
University of London; King's College London; Harvard University
刊物名称：
ECONOMETRICA
ISSN/ISSBN：
0012-9682
DOI：
10.1111/1468-0262.00225
发表日期：
2001
页码：
935-957
关键词：
摘要：
Laboratory and field studies of time preference find that discount rates are much greater in the short-run than in the long-run, Hyperbolic discount functions capture this property. This paper solves the decision problem of a hyperbolic consumer who faces stochastic income and a burrowing constraint. The paper uses the bounded variation calculus to derive the Hyperbolic Euler Relation, a natural generalization of the standard Exponential Euler Relation. The Hyperbolic Euler Relation implies that consumers act as if they have endogenous rates of time preference that rise and fall with the future marginal propensity to consume (e.g., discount rates that endogenously range from 5% to 41% for the example discussed in the paper).