オガワ　タカユキ   OGAWA Takayuki
  小川　貴之
   所属   大阪経済大学  経済学部 経済学科
   職種   教授
言語種別 英語
発行・発表の年月 2023/12/09
形態種別 学術雑誌
査読 査読あり
標題 Hyperbolic Discounting and State-Dependent Commitment
執筆形態 共著
掲載誌名 Economica
掲載区分国外
出版社・発行元 Wiley / The London School of Economics and Political Science
巻・号・頁 91(362),pp.414-445
総ページ数 31
著者・共著者 Takayuki Ogawa and Hiroaki Ohno
概要 In a stochastic economy with uninsurable endowment risk, we establish a condition under which hyperbolic-discounting consumers commit to a future consumption path using both illiquid assets and borrowing constraints as commitment devices. There is the possibility that a state-dependent commitment can be adopted as an equilibrium consumption strategy. On a path leading to low future endowment, the current self can commit to its own optimal consumption path, which is undesirable for future selves. In contrast, along the path with a high future endowment, the current self cannot make a commitment and must accept a consumption allocation that future selves will revise. Thus, depending on what stochastic state will arise, people cannot fully utilise the available commitment devices in risky situations.
DOI https://doi.org/10.1111/ecca.12507
researchmap用URL https://econ.meijigakuin.ac.jp/econ_wp/wp-content/uploads/20-03ogawa-ohno.pdf