Empirical determinants of intertemporal choice

• 成果类型: Article
• 署名作者: Brown, Jeffrey R.; Ivkovic, Zoran; Weisbenner, Scott
• 署名单位: University of Illinois System; University of Illinois Urbana-Champaign; Michigan State University; Michigan State University's Broad College of Business; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2015.04.004
• 发表日期: 2015
• 页码: 473-486
• 关键词: Political risk; intertemporal choice; Discount rate; Social Security; pensions

摘要

We provide new evidence on the empirical determinants of intertemporal financial decisions. We use an exogenously imposed choice affecting nearly all Croatian retirees to study characteristics associated with choosing a larger, deferred stream of payments over a smaller, more immediate payment. Individuals are more willing to defer if they have higher incomes and are not liquidity constrained, have a longer time horizon because of better health and longer life expectancy, and have stronger bequest motives. Individuals who expect currency devaluation or political risk to reduce the value of future income are more likely to take the earlier income stream. (C) 2015 Elsevier B.V. All rights reserved.