G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w21474
来源IDWorking Paper 21474
Self Control and Commitment: Can Decreasing the Liquidity of a Savings Account Increase Deposits?
John Beshears; James J. Choi; Christopher Harris; David Laibson; Brigitte C. Madrian; Jung Sakong
发表日期2015-08-24
出版年2015
语种英语
摘要If individuals have self-control problems, they may take up commitment contracts that restrict their spending. We experimentally investigate how contract design affects the demand for commitment contracts. Each participant divides money between a liquid account, which permits unrestricted withdrawals, and a commitment account with withdrawal restrictions that are randomized across participants. When the two accounts pay the same interest rate, the most illiquid commitment account attracts more money than any of the other commitment accounts. We show theoretically that this pattern is consistent with the presence of sophisticated present-biased agents, who prefer more illiquid commitment accounts even if they are subject to uninsurable marginal utility shocks drawn from a broad class of distributions. When the commitment account pays a higher interest rate than the liquid account, the relationship between illiquidity and deposits is flat, suggesting that agents without present bias and/or naïve present-biased agents are also present in our sample.
主题Microeconomics ; Behavioral Economics ; Households and Firms
URLhttps://www.nber.org/papers/w21474
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/579149
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John Beshears,James J. Choi,Christopher Harris,et al. Self Control and Commitment: Can Decreasing the Liquidity of a Savings Account Increase Deposits?. 2015.
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