The DOI matches its Crossref record; 6 of the 6 references it cites were found in a registry or an index.
The Hyperbolic Consumption Model: Calibration, Simulation, and Empirical Evaluation
Abstract
Laboratory and field studies of time preference find that discount rates are much greater in the short run than in the long run. Hyperbolic discount functions capture this property. This paper presents simulations of the savings and asset allocation choices of households with hyperbolic preferences. The behavior of the hyperbolic households is compared to the behavior of exponential households. The hyperbolic households borrow much more frequently in the revolving credit market. The hyperbolic households exhibit greater consumption income comovement and experience a greater drop in consumption around retirement. The hyperbolic simulations match observed consumption and balance sheet data much better than the exponential simulations.
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Cites
Golden eggs and hyperbolic discounting
Laibson, D. (1997) · The Quarterly Journal of Economics · doi:10.1162/003355397555253 · Cited by 6,122
Self-citationMyopia and Inconsistency in Dynamic Utility Maximization
Strotz, R. H. (1955) · The Review of Economic Studies · doi:10.2307/2295722 · Cited by 2,834
O'Donoghue, T., & Rabin, M. (2001) · The Quarterly Journal of Economics · doi:10.1162/003355301556365 · Cited by 944
Akerlof, G., & Akerlof, G. (1991) · Unknown · doi:10.22004/ag.econ.294661 · Cited by 849
Preference Reversals Due to Myopic Discounting of Delayed Reward
Kirby, K. N., & Herrnstein, R. J. (1995) · Psychological Science · doi:10.1111/j.1467-9280.1995.tb00311.x · Cited by 591
On Measuring Child Costs: With Applications to Poor Countries
Deaton, A. S., & Muellbauer, J. (1986) · Journal of Political Economy · doi:10.1086/261405 · Cited by 522
Cited by
Separate neural systems value immediate and delayed monetary rewards
McClure, S. M., Laibson, D. I., Loewenstein, G., & Cohen, J. D. (2004) · Science · doi:10.1126/science.1100907 · Cited by 3,089
Self-citationPsychology and Economics: Evidence from the Field
DellaVigna, S. (2009) · Journal of Economic Literature · doi:10.1257/jel.47.2.315 · Cited by 2,365
Refining the relationship between personality and subjective well-being.
Steel, P., Schmidt, J., & Shultz, J. (2008) · Psychological Bulletin · doi:10.1037/0033-2909.134.1.138 · Cited by 1,794
A Discounting Framework for Choice With Delayed and Probabilistic Rewards.
Green, L., & Myerson, J. (2004) · Psychological Bulletin · doi:10.1037/0033-2909.130.5.769 · Cited by 1,676
Tying Odysseus to the Mast: Evidence From a Commitment Savings Product in the Philippines
Ashraf, N., Karlan, D., & Yin, W. (2006) · The Quarterly Journal of Economics · doi:10.1162/qjec.2006.121.2.635 · Cited by 1,542
Metadata
- Authors
- Angeletos, G.-M., Laibson, D., Repetto, A., Tobacman, J., & Weinberg, S.
- Venue
- Journal of Economic Perspectives
- Publisher
- American Economic Association
- Published
- 2001-08-01
- Volume
- 15
- Issue
- 3
- Pages
- 47-68
- ISSN
- 0895-3309 (ISSN-L)
- OpenAlex
- W2166741051
- Cited by
- 1,000
- References
- 6
- FWCI
- 70.50
- Type
- journal article
- Language
- en
- Open access
- closed
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- Angeletos, G.-M., Laibson, D., Repetto, A., Tobacman, J., & Weinberg, S. (2001). The Hyperbolic Consumption Model: Calibration, Simulation, and Empirical Evaluation. Journal of Economic Perspectives. https://doi.org/10.1257/jep.15.3.47
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