Hypothetical Intertemporal Consumption Choices

Arie Kapteyn and Federica Teppa

No 111, Royal Economic Society Annual Conference 2002 from Royal Economic Society

Abstract: The paper extends and replicates part of the analysis by Barsky, Juster, Kimball, and Shapiro (1997), which exploits hypothetical choices among different consumption streams to infer intertemporal substitution elasticities and rates of time preference. We use a new and much larger dataset than Barsky et al. Furthermore, we estimate structural models of intertemporal choice, while parameterizing the parameters of interest as a function of relevant individual characteristics. We also consider ''behavioral'' extensions, like habit formation. Models with habit formation appear to be superior to models with intertemporally additive preferences.

Date: 2002-08-29
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