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

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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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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: 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 › 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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Golden Eggs and Hyperbolic Discounting

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