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On impatience, temptation and Ramsey’s conjecture

Jean-Pierre Drugeon and Bertrand Wigniolle

PSE-Ecole d'économie de Paris (Postprint) from HAL

Abstract: This article explores the implications of the introduction of self-control costs and temptation motives in intertemporal preferences in an elementary competitive equilibrium. We let heterogeneous agents differ in both their discount parameters and their temptation motives, and the degree of financial-market imperfections vary, and establish their implications for the long-run value of the capital stock and the underlying long-run distribution of consumption and wealth. The results differ from those obtained in a standard Ramsey benchmark model, in that long-run distributions are commonly non-degenerate.

Keywords: Self-Control; Temptation; Impatience; Ramsey’s Conjecture (search for similar items in EconPapers)
Date: 2017-01
Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-01307755
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Published in Economic Theory, Springer Verlag, 2017, 63 (1), pp.73-98. ⟨10.1007/s00199-015-0933-4⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:pseptp:hal-01307755

DOI: 10.1007/s00199-015-0933-4

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