Showing 1 - 10 of 35
Persistent link: https://www.econbiz.de/10010217892
Persistent link: https://www.econbiz.de/10010359332
Persistent link: https://www.econbiz.de/10010342088
An axiomatic construction for lifecycle preferences accounting for the finiteness and the randomness of life duration is provided. We emphasize the role of intertemporal correlation aversion and explain why multiplicative preferences provide an interesting alternative to additive preferences,...
Persistent link: https://www.econbiz.de/10009553284
Discounted utilitarianism and the Ramsey equation prevail in the debate on the discount rate on consumption. The utility discount rate is assumed to be constant and to reflect either the uncertainty about the existence of future generations or a pure preference for the present. The authors...
Persistent link: https://www.econbiz.de/10010417163
Discounted utilitarianism and the Ramsey equation prevail in the debate on the discount rate on consumption. The utility discount rate is assumed to be constant and to reflect either the uncertainty about the existence of future generations or a pure preference for the present. The authors...
Persistent link: https://www.econbiz.de/10010507755
We develop a simple theoretical framework that identifies time preferences without relying on a particular utility function. Our empirical strategy requires observations about intertemporal consumption allocation decisions made under varying relative prices, and seeks to approximate the marginal...
Persistent link: https://www.econbiz.de/10011957737
An axiomatic construction for lifecycle preferences accounting for the finiteness and the randomness of life duration is provided. We emphasize the role of intertemporal correlation aversion and explain why multiplica- tive preferences provide an interesting alternative to additive preferences,...
Persistent link: https://www.econbiz.de/10011753219
This papers provides an explanation for time preference: we show that in the case of uncertain lifetime, future consumption should be weighted not only according to survival probability, but also according to a discount factor due to risk aversion with respect to the length of life. When...
Persistent link: https://www.econbiz.de/10004970382
I compare two different ways of integrating mortality into life-cycle models: the standard additive model with time preferences, on the one hand, and a formulation that rules out the existence of time preference, but allows for risk aversion with respect to the length of life, on the other hand....
Persistent link: https://www.econbiz.de/10005091138