Identifying present bias and time preferences with an application to land-lease-contract data1

IF 2.9 4区经济学 Q1 ECONOMICS

Econometrics Journal Pub Date : 2020-09-01 DOI:10.1093/ectj/utaa018

P. Gautier, A. Vuuren

引用次数: 4

Abstract

What can contracts—traded and priced in a competitive market and featuring a pre-specified system of future payments—teach us about time preferences and present bias? We first show that identification of present bias requires assumptions on the felicity function and that agents must have credit constraints on consumption expenditure. Moreover, when there is heterogeneity in present bias, identification requires that agents with the same present bias parameter buy houses with different contracts. We illustrate our findings with observational land-lease-contract data from Amsterdam.

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通过对土地租赁合同数据的应用识别当前的偏见和时间偏好

合同——在竞争激烈的市场中交易和定价，并具有预先指定的未来支付系统——能教会我们什么关于时间偏好和当前偏见？我们首先证明了当前偏差的识别需要对幸福函数的假设，并且代理人必须对消费支出有信用约束。此外，当当前偏倚存在异质性时，识别要求具有相同当前偏倚参数的代理人购买不同合同的房屋。我们用阿姆斯特丹的土地租赁合同观测数据来说明我们的发现。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Econometrics Journal 管理科学-数学跨学科应用

CiteScore

4.20

自引率

5.30%

发文量

审稿时长

>12 weeks

期刊介绍： The Econometrics Journal was established in 1998 by the Royal Economic Society with the aim of creating a top international field journal for the publication of econometric research with a standard of intellectual rigour and academic standing similar to those of the pre-existing top field journals in econometrics. The Econometrics Journal is committed to publishing first-class papers in macro-, micro- and financial econometrics. It is a general journal for econometric research open to all areas of econometrics, whether applied, computational, methodological or theoretical contributions.