Nonparametric Analysis of Time-Inconsistent Preferences

Arbeitspapier

This paper provides a revealed preference characterisation of quasi-hyperbolic discounting which is designed to be applied to readily-available expenditure surveys. We describe necessary and sufficient conditions for the leading forms of the model and also study the consequences of the restrictions on preferences popularly used in empirical lifecycle consumption models. Using data from a household consumption panel dataset we explore the prevalence of time-inconsistent behaviour. The quasi-hyperbolic model provides a significantly more successful account of behaviour than the alternatives considered. We estimate the joint distribution of time preferences and the distribution of discount functions at various time horizons.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: CEBI Working Paper Series ; No. 03/20

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Consumer Economics: Theory ; Consumer Economics: Empirical Analysis ; Micro-Based Behavioral Economics: General‡
• Thema: Quasi-hyperbolic discounting ; revealed preference

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Blow, Laura ; Browning, Martin ; Crawford, Ian
• Ereignis: Veröffentlichung
• (wer): University of Copenhagen, Department of Economics, Center for Economic Behavior and Inequality (CEBI)
• (wo): Copenhagen
• (wann): 2020

Weitere Informationen

• Handle: http://hdl.handle.net/10419/258917
• Letzte Aktualisierung: 10.03.2025, 11:41 MEZ