Golden eggs and hyperbolic discounting
Golden eggs and hyperbolic discounting
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DOI：
10.1162/003355397555253
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发表时间：
1997-05-01
影响因子：
13.7
通讯作者：
Laibson, D
中科院分区：
文献类型：
--
作者：
Laibson, D
双曲折扣函数诱导动态不一致的偏好，这意味着消费者约束自己未来选择的动机。本文分析了一个双曲消费者的决策，他们可以使用一种不完美的承诺技术：一种非流动性资产，它的销售必须在收到销售收益之前的一个时期开始。该模型预测，消费跟踪收入，该模型解释了为什么消费者有资产特定的边际消费倾向。该模型表明，金融创新可能导致了美国经济的持续下滑。S.储蓄率，因为金融创新增加了流动性，消除了承诺的机会。最后，该模型表明，金融市场创新可能会通过提供“太多”的流动性来降低福利。
Hyperbolic discount functions induce dynamically inconsistent preferences, implying a motive for consumers to constrain their own future choices. This paper analyzes the decisions of a hyperbolic consumer who has access to an imperfect commitment technology: an illiquid asset whose sale must be initiated one period before the sale proceeds are received. The model predicts that consumption tracks income, and the model explains why consumers have asset-specific marginal propensities to consume. The model suggests that financial innovation may have caused the ongoing decline in U. S. savings rates, since financial innovation increases liquidity, eliminating commitment opportunities. Finally, the model implies that financial market innovation may reduce welfare by providing ''too much'' liquidity.