POVERTY AND THE RATE OF TIME PREFERENCE - EVIDENCE FROM PANEL DATA
POVERTY AND THE RATE OF TIME PREFERENCE - EVIDENCE FROM PANEL DATA
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DOI：
10.1086/261740
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发表时间：
1991-02-01
影响因子：
8.2
通讯作者：
LAWRANCE, EC
中科院分区：
文献类型：
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作者：
LAWRANCE, EC
本文使用收入动态的面板研究来研究美国贫富家庭的跨期偏好。从对消费欧拉方程的估计中确定的主观时间偏好率，对于低永久收入家庭来说，比高永久收入家庭高出3到5个百分点。对种族和教育的控制扩大了这种差异。在年龄和家庭构成保持不变的情况下，在劳动收入分配中，受过大学教育的白人家庭的时间偏好率从12%到没有大学教育的非白人家庭的19%不等，这些家庭的劳动收入处于最低的五分之一。这种差异意味着生命周期中的消费模式非常不同，并为观察到的不同社会经济阶层储蓄行为的异质性提供了一种可能的解释。
This paper uses the Panel Study of Income Dynamics to study the intertemporal preferences of rich and poor households in the United States. Subjective rates of time preference, identified from estimation of consumption Euler equations, are three to five percentage points higher for households with low permanent incomes than for those with high permanent incomes. Controlling for race and education widens this difference. With age and family composition held constant, time preference rates vary from 12 percent for white, college-educated families in the top 5 percent of the labor income distribution to 19 percent for nonwhite families without a college education whose labor incomes are in the bottom fifth percentile. Such differences imply very different patterns of consumption over the life cycle and suggest one possible explanation for observed heterogeneity in savings behavior across socioeconomic classes.