Arbeitspapier
On decreasing impatience
In the theory of endogenous time preference, one of the most common and most controversial assumptions is that the degree of impatience, measured by the rate of time preference, is increasing in wealth. Although this empirically-unjustified assumption often helps ease dynamic analyses by ensuring stability, it has never been discussed why decreasing impatience is theoretically problematic. We first show that under certain conditions there exists no optimal solution when impatience is decreasing. By considering problem-proof, well-behaved models, we examine implications of decreasing impatience for three issues that have been discussed in the literature: (i) long-run tax incidence of capital taxation; (ii) the effect of inflation on growth; and (iii) wealth distribution dynamics in the two-country world.
- Sprache
-
Englisch
- Erschienen in
-
Series: ISER Discussion Paper ; No. 536
- Klassifikation
-
Wirtschaft
Micro-Based Behavioral Economics: General‡
Macroeconomics and Monetary Economics: General
Open Economy Macroeconomics
- Thema
-
decreasing impatience
time preference
capital taxation
the Tobin effect
wealth distribution
Zeitpräferenz
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Hirose, Ken-ichi
Ikeda, Shinsuke
- Ereignis
-
Veröffentlichung
- (wer)
-
Osaka University, Institute of Social and Economic Research (ISER)
- (wo)
-
Osaka
- (wann)
-
2001
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Hirose, Ken-ichi
- Ikeda, Shinsuke
- Osaka University, Institute of Social and Economic Research (ISER)
Entstanden
- 2001
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