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Banking Regulation and Costless Commitment Contracts for Time-Inconsistent Agents

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  • Carolina Laureti
  • Ariane Szafarz

Abstract

Behavioral economics modelling assumes that the contractible commitments valued by sophisticated time-inconsistent agents come at a cost. This paper challenges this assumption by arguing that it disregards the benefits that providers derive from supplying commitment-based products. In our equilibrium model, the commitment embedded in an illiquid savings product is valuable to both market sides. Although sophisticated time-inconsistent agents value the commitment, they do not have to pay for contracting it. The necessary and sufficient conditions for having a costless commitment contract in the savings market combine strong liquidity constraints imposed on banks and the occurrence of harmful shocks. Our results have regulatory implications for social finance.

Suggested Citation

  • Carolina Laureti & Ariane Szafarz, 2023. "Banking Regulation and Costless Commitment Contracts for Time-Inconsistent Agents," Working Papers CEB 23-010, ULB -- Universite Libre de Bruxelles.
    • Handle: RePEc:sol:wpaper:2013/365340
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    More about this item

    Keywords

    Behavioral Economics; Banking; Savings Account; Liquidity Premium; Time Inconsistency; Commitment Contract;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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