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Time-Consistent Individuals, Time-Inconsistent Households
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DOI：10.1111/jofi.13392.png)
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摘要
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I present a model of consumption and savings for a multiperson household in which members are imperfectly altruistic, derive utility from both private and shared public goods, and share wealth. I show that, despite having standard exponential time preferences, the household is time-inconsistent: Members save too little and overspend on private consumption goods. The household remains time-inconsistent even when members save separately, because the possibility of voluntary transfers or joint contribution to the public good preserves the dynamic commons problem. The household will choose to share wealth when the risk-sharing benefits outweigh the utility cost of overconsumption.
Keyword:
FIELD EXPERIMENT
ASYMMETRIC INFORMATION
INTERTEMPORAL BEHAVIOR
TEMPORAL BEHAVIOR
TRANSACTION COSTS
ASSET RETURNS
RISK-AVERSION
CONSUMPTION
INCOME
MARRIAGE
期刊
IF:
9.5
论文数:
4.0K
被引数:
5.0W
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引用论文
分享收藏Consume Now or Later? Time Inconsistency, Collective Choice, and Revealed Preference.png)
AMERICAN ECONOMIC REVIEW
OAAI
AMERICAN ECONOMIC REVIEWIF11.6
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