Intertemporal choice with liquidity constraints: Theory and experiment

被引：3
|
作者：
Stahl, Dale O. [1 ]
机构：
[1] Univ Texas Austin, Dept Econ, Austin, TX 78712 USA
来源：
ECONOMICS LETTERS | 2013年 / 118卷 / 01期
基金：
美国国家科学基金会;
关键词：
Intertemporal choice; Liquidity; Present bias; Hyperbolic discounting;
D O I：
10.1016/j.econlet.2012.09.027
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Since Thaler (1981), we have lived with the uncomfortable stylized fact that many humans choose strictly dominated actions in intertemporal choice experiments. We designed an experiment to probe the reasons for the apparently suboptimal behavior, and we find that the classic Fisher (1930) intertemporal choice theory with perceived transaction costs and liquidity constraints is perfectly consistent with our experimental data, whereas hyperbolic discounting is not. (C) 2012 Elsevier B.V. All rights reserved.
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页码：101 / 103
页数：3
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