The Hyperbolic Consumption Model
Calibration, Simulation, and Empirical Evaluation
Dados Bibliográficos
| ID | 4030293 |
|---|---|
| Autores | George-Marios Angeletos (Massachusetts Institute of Technology), David Laibson (Harvard University, Cambridge, Massachusetts.), Andrea Repetto (0000-0003-2378-9684, University of Chile, Santiago, Chile.), Jeremy Tobacman (0000-0003-2905-577X, Harvard University, Cambridge, Massachusetts.), Stephen Weinberg (0000-0002-7676-4862, Harvard University, Cambridge, Massachusetts.) |
| Ano | 2001 |
| Volume | 15 |
| Fascículo | 3 |
| Páginas | 47-68 |
| Data de publicação | 2001-08-01 |
| Peer Reviewed | Sim |
| Open Access | Sim |
| Tipo | ARTICLE |
| Periódico | The Journal of Economic Perspectives (JOURNAL) |
| Identificadores do periódico | ISSN: 0895-3309 • E-ISSN: 1944-7965 |
| Editora | American Economic Association (PUBLISHER • US) |
| DOI | 10.1257/jep.15.3.47 |
| OpenAlex | W2166741051 |
| Idioma | EN |
| Citações recebidas | 69 |
| Referências citadas | 52 |
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 presents simulations of the savings and asset allocation choices of households with hyperbolic preferences. The behavior of the hyperbolic households is compared to the behavior of exponential households. The hyperbolic households borrow much more frequently in the revolving credit market. The hyperbolic households exhibit greater consumption income comovement and experience a greater drop in consumption around retirement. The hyperbolic simulations match observed consumption and balance sheet data much better than the exponential simulations
Discounting · Econometrics · Economics · Exponential function · Hyperbolic discounting · Hyperbolic function · Microeconomics · Preference · Time preference · Computer Science · Economic theories and models · Financial Literacy, Pension, Retirement Analysis · Housing Market and Economics · Mathematics · Finance
Time preference and personal value
Unifying Evidence on Delay Discounting
Willpower and Legal Policy
Behavioral foundations for the Keynesian consumption function
Mental accounting and remittances
Personal relative deprivation, delay discounting, and gambling
Time Horizons, Discounting, and Intertemporal Choice
Spousal Control and Intra-Household Decision Making
The Retirement Challenge
Neuroeconomics
Who Is ‘Behavioral’? Cognitive Ability and Anomalous Preferences
The Consumption Response to Income Changes
Consumer Spending and the Economic Stimulus Payments of 2008
Sufficient Statistics for Welfare Analysis
Risk and Time Preferences
Separate Neural Systems Value Immediate and Delayed Monetary Rewards
Intertemporal choice – toward an integrative framework
Psychology and Economics
Household Expenditure and the Income Tax Rebates of 2001
How are preferences revealed?
Behavioral Economics and Public Policy
Is there a daily discount rate? Evidence from the food stamp nutrition cycle
The Development of a Theory of Rational Intertemporal Choice
Meta-Analysis of Present-Bias Estimation using Convex Time Budgets
Doctor–patient differences in risk and time preferences
Scarcity-Based Price Promotions
Who and How Pays for Help at Home? The Role of Labor Specialization, Self-Employment and Retirement
Household spending responses to two-time Covid-19 payments
The perceived impact of immigration on native workers’ labour market outcomes
Time inconsistency and second-order beliefs over types in extensive-form games
Comparing Discounting of Climate Change to Catastrophic Financial Loss
Some considerations on the social discount rate
Consumer Financial Behavior
Reasons for sequence preferences
Liquidity Profiles of Poor Mexican Households
Risk attitudes and economic well-being in Latin America
A better budget rule
The role of culture and economics in household savings decisions
Welfare Payments and Crime
Changes in Consumption at Retirement
Is There a Retirement-Consumption Puzzle? Evidence Using Subjective Retirement Expectations
Understanding the Advice of Commissions-Motivated Agents
Optimal Financial Knowledge and Wealth Inequality
Technology and Time Inconsistency
Deconstructing Life Cycle Expenditure
Experimental Evolution and Economics
Predicting delay discounting from heterogeneous social media data
Delay discounting in middle childhood
Hyperbolic discounting can be good for your health
Anomalies in intertemporal choice, time-dependent uncertainty and expected utility – A common approach
Saving regret and procrastination
Intertemporal decision making with present biased preferences
Parents’ influence on children’s future orientation and saving
Does watching TV make us happy
On incentives, temptation and self-control
Naiveté and sophistication in dynamic inconsistency
Intertemporal choice with health-dependent discounting
Hyperbolic discounting and state‐dependent commitment
Financial Trouble Across Generations
Time to Cook
Neuroeconomics
Job Search and Hyperbolic Discounting
Following Through on an Intention to Vote
A Discounting Framework for Choice With Delayed and Probabilistic Rewards
You Can't Save Alone
Evolution and Human Nature
Adam Smith, Behavioral Economist
Identification in Macroeconomics
The Role of Financial Fragility and Financial Control for Well-Being
Some empirical evidence on dynamic inconsistency
Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis
Anomalies in Intertemporal Choice
Choice and Procrastination
Myopia and Inconsistency in Dynamic Utility Maximization
The Sensitivity of Consumption to Transitory Income
Doing It Now or Later
Bidding on the future
Saving and Liquidity Constraints
Delay-discounting probabilistic rewards
The Buffer-Stock Theory of Saving
Relative and Absolute Strength of Response as a Function of Frequency of Reinforcement 1, 2
Golden Eggs and Hyperbolic Discounting
On Second-Best National Saving and Game-Equilibrium Growth
Permanent Income, Current Income, and Consumption
Self-Control and Savings
Reasons for sequence preferences
Stochastic Implications of the Life Cycle-Permanent Income Hypothesis
Rules Rather than Discretion
On Measuring Child Costs
Precautionary Saving and Social Insurance
An Economic Theory of Self-Control
Willpower and Personal Rules
A Positive Theory of Monetary Policy in a Natural Rate Model
Consumption and Liquidity Constraints
Is Consumption Growth Consistent with Intertemporal Optimization? Evidence from the Consumer Expenditure Survey
Evolution and Human Nature
Anomalies
| Obras citantes distintas | 69 |
|---|---|
| Citações por ano | 2,88 |
| Intervalo de citações | 2002 - 2026 (25) |
| Velocidade de citação | current |
| Altamente citado | Não |
| Tipos de citação | Neutras: 61 |