The Endogenous Determination of Time Preference
The authors model a consumer's efforts to reduce the discount on future utilities. Their analysis shows how wealth, mortality, addictions, uncertainty, and other variables affect the degree of time preference. In addition to working out many implications of the model, the authors discuss evidence on consumption, savings, equilibrium, and the dynamics of inequality. They claim that most of that evidence is consistent with the predictions of their approach. Copyright 1997, the President and Fellows of Harvard College and the Massachusetts Institute of Technology.
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Volume (Year): 112 (1997)
Issue (Month): 3 (August)
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