منابع مشابه
Technology and Time Inconsistency∗
Standard analyses of economic policy assume exponential discounting, even though empirical and experimental evidence shows that preferences are time-inconsistent and discounting is hyperbolic. When policy makers– or the voters they must satisfy– apply smaller discount rates for long-term than for short-term decisions, they benefit from strategically investing in infrastructure and technologies ...
متن کاملFertility and time inconsistency
This paper analyzes the impact of (quasi-) hyperbolic discounting on timing and numbers of births. Using a simple three period model it shows that without the ability to save and borrow hyperbolic discounters postpone births and give birth to less children than previously intended. In the presence of a (perfect) capital market additional qualifications are required to obtain similar results. In...
متن کاملAnticipation, Uncertainty, and Time Inconsistency
We extend expected utility theory to situations in which agents experience feelings of anticipation at dates prior to the resolution of uncertainty. We show how these anticipatory feelings may result in time inconsistency. We provide examples to show the impact of anticipation on decision making.
متن کاملNon-hyperbolic time inconsistency
The commonly used hyperbolic and quasi-hyperbolic discount functions have been developed to accommodate decreasing impatience, which is the prevailing empirical finding in intertemporal choice, in particular for aggregate behavior. However, these discount functions do not have the flexibility to accommodate increasing impatience or strongly decreasing impatience. This lack of flexibility is par...
متن کاملtime inconsistency phenomenon and islamic solutions
rationality, based on economic system of capitalism to explain phenomenon is based on self-interest. one important phenomenon from the perspective of the new classical school of macroeconomic, kydlnd and prescott (1977), the winners of the 2004 nobel prize in economics is, time inconsistency. time inconsistency ,is a condition that will cause a decision (by households, firms, or scheduler), whi...
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ژورنال
عنوان ژورنال: Journal of Political Economy
سال: 2020
ISSN: 0022-3808,1537-534X
DOI: 10.1086/707024