Hyperbolic Discounting and Household Consumption:An Analysis based on a Large-scale Survey in Japan
In this paper, I investigate what is the difference in consumption behavior between hyperbolic and non-hyperbolic discounting households by using data from hJapan Household Survey on Consumer Preferences and Satisfactionh conducted by Osaka University. I show that the marginal propensity to consumption out of income (fixed assets, respectively) of hyperbolic discounting household is higher (lower) than that of non-hyperbolic discounting household. These results are consistent with the theoretical propositions by Laibson (1997) and Angeletos et al. (2001).
|Date of creation:||Jul 2009|
|Date of revision:|
|Contact details of provider:|| Web page: http://www.econ.osaka-u.ac.jp/Email: |
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