| 言語種別 | 英語 |
|---|---|
| 発行・発表の年月 | 2023/11/24 |
| 形態種別 | 【論文】研究論文（学術雑誌）＜査読あり＞ |
| 査読 | 査読あり |
| 標題 | Hyperbolic Discounting and State-Dependent Commitment |
| 執筆形態 | 共著 |
| 掲載誌名 | Economica |
| 掲載区分 | 国内 |
| 出版社・発行元 | Wiley-Blackwell, The London School of Economics and Political Science |
| 巻・号・頁 | Forthcoming |
| 概要 | In a stochastic economy with uninsurable endowment risk, we establish a condition under which hyperbolic-discounting consumers commit to a future consumption path using both illiquid assets and borrowing constraints as commitment devices. There is the possibility that a state-dependent commitment can be adopted as an equilibrium consumption strategy. On a path leading to low future endowment, the current self can commit to its own optimal consumption path, which is undesirable for future selves. In contrast, along the path with a high future endowment, the current self cannot make a commitment and must accept a consumption allocation that future selves will revise. Thus, depending on what stochastic state will arise, people cannot fully utilise the available commitment devices in risky situations. |