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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.”
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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
- 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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