An Overlapping Generations Computable General Equilibrium (OLG-CGE) Model with Age-variable Rate of Time Preference

Katerina Lisenkova
Authors registered in the RePEc Author Service: Patrick Georges

No 458, National Institute of Economic and Social Research (NIESR) Discussion Papers from National Institute of Economic and Social Research

Abstract: It is generally accepted that people prefer to receive reward earlier rather than later. A positive rate of time preference is routinely used in economic models of intertemporal choice, for example OLG-CGE models. Calibrating an OLG-CGE model is challenging because age-profile data is usually not available. For example, researchers typically have no data on consumption by age group. The conventional way to proceed is to impose a constant rate of time preference, which implies smooth age profile for consumption.

Keywords: OLG-CGE modelling; population ageing; rate of time preference; delay discounting (search for similar items in EconPapers)
JEL-codes: E17 F17 J11 (search for similar items in EconPapers)
Date: 2016-01
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Citations: View citations in EconPapers (1)

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