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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Working Paper: On the Endogenous Determination of Time Preference (1994)
Working Paper: On the Endogenous Determination of Time Preference (1994)
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