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Cited by 6,122Decision-Making and Behavioral EconomicsFinancial Literacy, Pension, Retirement AnalysisEconomic theories and models

The DOI matches its Crossref record; 33 of the 112 references it cites were found in a registry or an index, and 79 are not checked yet.

Golden Eggs and Hyperbolic Discounting

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Laibson, D.·1997·The Quarterly Journal of Economics
DOI 10.1162/003355397555253
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Abstract

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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Research works printed but not linked: 11

  1. - "Beyond Microeconomics. Conflict among Interests in a Multiple Self as a Determinant of Value." in The Multiple Self, Jon Elster, ed. (Cambridge, UK: Cambridge University Press, 1986).
  2. - Picoeconomics (Cambridge, UK: Cambridge University Press, 1992).
  3. Canner B., 1992, Federal Reserve Bulletin, 652
  4. Canner B., 1994, Federal Reserve Bulletin, 571
  5. Carroll D., 1992, Brookings Papers on Economics Activity (, 2
  6. Chung J., 1961, Journal of the Experimental Analysis of Animal Behavior, 267
  7. Flavin, 1991, NBER Working Paper No., 3802
  8. 1996, NBER Working Paper No., 5635
  9. Rankin M., 1993, New York Times, 33
  10. Shea, 1995, American Economic Review, 186
  11. Zeckhauser, 1968, Harvard Institute of Economic Research, Discussion Paper No., 50

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Metadata

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
DOI
10.1162/003355397555253
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
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 › Economics, Econometrics and Finance › Finance › 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

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