言語種別 |
英語 |
発行・発表の年月 |
2024/04 |
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 |
国外 |
出版社・発行元 |
Wiley-Blackwell, The London School of Economics and Political Science |
巻・号・頁 |
91(362),414-445 |
総ページ数 |
32 |
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. |