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 2021/03
形態種別 その他
標題 Hyperbolic Discounting and State-Dependent Commitment
執筆形態 共著
掲載誌名 Discussion Paper No. 20-03
掲載区分国内
出版社・発行元 Meiji Gakuin University
著者・共著者 Takayuki Ogawa and Hiroaki Ohno
概要 In a stochastic economy with uninsurable endowment risk, we establish the condition under which hyperbolic-discounting consumers commit to a future consumption path by utilizing both illiquid capital and borrowing constraints as a commitment device. There is always 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 their 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.
researchmap用URL https://econ.meijigakuin.ac.jp/econ_wp/wp-content/uploads/20-03ogawa-ohno.pdf