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作者：Bacchetta, Philippe; Tille, Cedric; van Wincoop, Eric
作者单位：University of Lausanne; University of Virginia; National Bureau of Economic Research
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作者：Nakamura, Emi; Steinsson, Jon
作者单位：Columbia University; Columbia University
摘要：In the microdata underlying US trade price indexes, 40 percent of products are replaced before a single price change is observed and 70 percent are replaced after two price changes or fewer. A price index that focuses on price changes for identical items may, therefore, miss an important component of price adjustment occurring at the time of product replacements. We provide a model of this product replacement bias and quantify its importance using US data. Accounting for product replacement bi...
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作者：Andreoni, James; Sprenger, Charles
作者单位：University of California System; University of California San Diego; Stanford University
摘要：Experimentally elicited discount rates ore frequently higher than what seems reasonable for economic decision-making. Such high rates are often attributed to present-biased discounting. A well-known bias of standard measurements is the assumption of linear consumption utility Attempting to correct this bias using measures of risk aversion to identify concavity, researchers find reasonable discounting but at the cost of exceptionally high utility function curvature. We present a new methodology...
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作者：Andreoni, James; Sprenger, Charles
作者单位：University of California System; University of California San Diego; Stanford University
摘要：Risk and time are intertwined. The present is known while the future is inherently risky. This is problematic when studying time preferences since uncontrolled risk can generate apparently present-biased behavior. We systematically manipulate risk in an intertemporal choice experiment. Discounted expected utility performs well with risk, but when certainty is added common ratio predictions fail sharply. The data cannot be explained by prospect theory, hyperbolic discounting, or preferences for...
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作者：Guadalupe, Maria; Kuzmina, Olga; Thomas, Catherine
作者单位：INSEAD Business School; National Bureau of Economic Research; New Economic School; University of London; London School Economics & Political Science
