Golden eggs and hyperbolic discounting
Open accessAbstract
Hyperbolic discount functions induce dynamically inconsistent preferences, implying a motive for consumers to constrain their own future choices. This paper analyzes the decisions of a hyperbolic consumer who has access to an imperfect commitment technology: an illiquid asset whose sale must be initiated one period before the sale proceeds are received. The model predicts that consumption tracks income, and the model explains why consumers have asset-specific marginal propensities to consume. The model suggests that financial innovation may have caused the ongoing decline in U. S. savings rates, since financial innovation increases liquidity, eliminating commitment opportunities. Finally, the model implies that financial market innovation may reduce welfare by providing "too much" liquidity.
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If there is a choice, individuals usually choose a small benefit in the short term over a larger benefit in the longer term.
“If there is a choice, individuals usually choose a small benefit in the short term over a larger benefit in the longer term.”
From The privacy paradox – investigating discrepancies between expressed privacy concerns and actual online behavior – a systematic literature review (2017) · cites this paper as Laibson, 1997
The Introduction describes a high short-term discount rate and gives an example of postponing savings to avoid an immediate sacrifice. That supports a preference for near-term benefits in some circumstances, but the paper does not establish that individuals usually choose a smaller near-term benefit over a larger later one whenever offered that choice. (LLM, conf=0.84)
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- Authors
- Laibson, D.
- Affiliations
- Harvard University (US)
- Corresponding author
- Laibson, D.
- ORCID
- Laibson, D.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1997-05-01
- Volume
- 112
- Issue
- 2
- Pages
- 443-478
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W2118052532
- Cited by
- 6,122
- References
- 33
- Citations by year
- 2026: 239 · 2025: 252 · 2024: 239 · 2023: 258 · 2022: 243 · 2021: 274 · 2020: 394 · 2019: 332 · 2018: 317 · 2017: 290 · 2016: 323 · 2015: 327 · 2014: 313 · 2013: 280 · 2012: 253
- FWCI
- 21.62
- Type
- journal article
- Language
- en
- Open access
- green
- nrs.harvard.edu
- Licence
- cc-by
- Locations
- The Quarterly Journal of Economics (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Digital Access to Scholarship at Harvard (DASH) (Harvard University) (submittedVersion, cc-by)
- HighWire Press Open Archive (submittedVersion)
- Funders
- National Science Foundation (9510985)
- Alfred P. Sloan Foundation
- Topics
- Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
- Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy, Pension, Retirement Analysis
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic theories and models
- Keywords
- hyperbolic discounting, time inconsistency, imperfect commitment, illiquid assets, consumption smoothing, marginal propensity to consume, financial innovation, savings rate, liquidity
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
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