Un désir d'épargne... inassouvi. Essai sur les conséquences de l'escompte quasi-hyperbolique
This survey investigates the conséquences of the introduction of quasi-hyperbolic discounting (QHD) in a life-cycle model. QHD is the result of a behavioral bias (intertemporal préférences change over time) and a perception bias (the belief that the first bias is temporary). The first bias lead to suboptimal savings and excessive short-term indebtedness. The second to time inconsistency. We show how QHD can be used to explain the recent dynamics of savings and debt, which leads to a new assessment of the impact of financial deregulation. We also show how opportunistic financial agents can use the behavioral and perception biases to set up “dutch books”. We introduce the libertarian paternalism doctrine of Thaler, Camerer and Rabin, whose aim is to reconcile two apparently irréconciliable goals : protection and freedom of choice.
Volume (Year): 120 (2010)
Issue (Month): 3 ()
|Contact details of provider:|| Web page: http://www.cairn.info/revue-d-economie-politique.htm|
When requesting a correction, please mention this item's handle: RePEc:cai:repdal:redp_203_0453. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jean-Baptiste de Vathaire)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.