现时偏好和非流动资产的影响

IF 2.1 4区经济学 Q2 ECONOMICS

Economics Letters Pub Date : 2024-10-11 DOI:10.1016/j.econlet.2024.112021

Rong Tang, Shi Pu, Shou Chen

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引用次数: 0

摘要

本文将流动性约束纳入一个离散的三阶段模型，以研究偏好现时的代理人的消费-储蓄决策。我们推导了持有非流动性资产（直到最后一期都不可交易）的成熟和幼稚代理人消费选择的分析解。然后，我们研究了非流动性资产的比例、流动性溢价和代理人的偏好如何影响这两种代理人的消费。我们的研究结果表明，幼稚的代理人并不总是比成熟的代理人消费更多。此外，我们还从理论上发现，非流动性资产可能会提高代理人的福利，并对双方代理人产生预承诺效应。

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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Present-biased preferences and the effect of illiquid assets

This paper incorporates liquidity constraints into a discrete three-stage model to investigate the consumption-savings decisions of present-biased agents. We derive the analytical solution for consumption choices of sophisticated and naive agents who hold illiquid assets that are untradable until the last period. Then, we investigate how the proportion of illiquid assets, liquidity premium and agents’ preferences affect the consumption of both agents. Our findings reveal that naive agents not always consume more than their sophisticated counterparts. Moreover, we theoretically find that illiquid assets may improve the welfare of agents and have a pre-commitment effect on both agents.

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来源期刊

Economics Letters ECONOMICS-

CiteScore

3.20

自引率

5.00%

发文量

348

审稿时长

30 days

期刊介绍： Many economists today are concerned by the proliferation of journals and the concomitant labyrinth of research to be conquered in order to reach the specific information they require. To combat this tendency, Economics Letters has been conceived and designed outside the realm of the traditional economics journal. As a Letters Journal, it consists of concise communications (letters) that provide a means of rapid and efficient dissemination of new results, models and methods in all fields of economic research.