| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w5635
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| 来源ID | Working Paper 5635
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| Hyperbolic Discount Functions, Undersaving, and Savings Policy |
| David I. Laibson
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| 发表日期 | 1996-06-01
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| 出版年 | 1996
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| 语种 | 英语
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| 摘要 | Studies of animal and human behavior suggest that discount functions are approximately hyperbolic (Ainslie, 1992). I analyze an economy with complete markets which is populated by hyperbolic consumers. I identify two ways in which this economy can be distinguished from an exponential economy. First, hyperbolic discounting predicts the empirical regularity that the elasticity of intertemporal substitution is less than the inverse of the coefficient of relative risk aversion. Second, hyperbolic discounting explains many features of the policy debate about undersaving. The calibrated hyperbolic economy matches Bernheim's (1994) survey data on self-reported undersaving, and predicts pro-savings government interventions like capital-income subsidies and penalties for early withdrawal from retirement accounts. Hyperbolic consumers are willing to sacrifice 9/10 of a year's worth of income to induce the government to implement optimal revenue-neutral saving incentives. |
| 主题 | Microeconomics
; Behavioral Economics
; Macroeconomics
; Consumption and Investment
|
| URL | https://www.nber.org/papers/w5635
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/563112
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推荐引用方式
GB/T 7714 |
David I. Laibson. Hyperbolic Discount Functions, Undersaving, and Savings Policy. 1996.
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文件名：
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w5635.pdf
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格式：
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Adobe PDF
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