Arbeitspapier
Collective Investment Decision Making with Heterogeneous Time Preferences
We examine the investment decision problem of a group whose members have heterogeneous time preferences. In particular, they have different discount factors for utility, possibly not exponential. We characterize the properties of efficient allocations of resources and of shadow prices that would decentralize such allocations. We show in particular that the term structure of interest rates is decreasing when all members have DARA preferences. Heterogeneous groups should not use exponential discounting for their collective investment decisions even if all agents discount exponentially.We also exhibit conditions that lead the representative agent to have a rate of impatience that decreases with GDP per capita.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 915
- Klassifikation
-
Wirtschaft
Analysis of Collective Decision-Making: General
- Thema
-
aggregation of preferences
hyperbolic discounting
impatience
time preference
investment and consumption
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Gollier, Christian
Zeckhauser, Richard
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2003
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Gollier, Christian
- Zeckhauser, Richard
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2003
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