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The Endogenous Determination of Time Preference

Gary Becker and Casey Mulligan

The Quarterly Journal of Economics, 1997, vol. 112, issue 3, 729-758

Abstract: We model a consumer's efforts to reduce the discount on future utilities. Our analysis shows how wealth, mortality, addictions, uncertainty, and other variables affect the degree of time preference. In addition to working out many implications of the model, we discuss evidence on consumption, savings, equilibrium, and the dynamics of inequality. We claim that most ofthat evidence is consistent with the predictions of our approach.

Date: 1997
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Citations: View citations in EconPapers (800)

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Related works:
Working Paper: On the Endogenous Determination of Time Preference (1994)
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The Quarterly Journal of Economics is currently edited by Robert J. Barro, Lawrence F. Katz, Nathan Nunn, Andrei Shleifer and Stefanie Stantcheva

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