| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8512 |
| DP8512 A Flexible Test for Present Bias and Time Preferences using Land-Lease Contracts | |
| Pieter A. Gautier; Aico van Vuuren | |
| 发表日期 | 2011-08-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | When agents have present bias, they discount more between now and the next period than between period t (> 1) and t + 1. How fast the future discount rate (evaluated today) decays is an empirical question. We show that the discount function can be non-parametrically identified with contracts that specify payments that take place at various points in time in the future and which are traded and priced in a competitive market. We use a unique land lease-contract data set for Amsterdam, which has the above properties, to test for present bias in a flexible way. We find no evidence for present bias in this market. Even though we allow for a general-hyperbolic specification (which has exponential discounting as a special case), our estimates converge to an exponential discount function with a corresponding discount rate (in our baseline specification) of 8%. |
| 主题 | Financial Economics |
| 关键词 | Present bias Hyperbolic discounting Discount rate Hedonic estimation |
| URL | https://cepr.org/publications/dp8512 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537346 |
| 推荐引用方式 GB/T 7714 | Pieter A. Gautier,Aico van Vuuren. DP8512 A Flexible Test for Present Bias and Time Preferences using Land-Lease Contracts. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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