Estimating Discount Functions with Consumption Choices over the Lifecycle

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dc.contributor.authorLaibson, David
dc.contributor.authorLee, Sean Chanwook
dc.contributor.authorMaxted, Peter
dc.contributor.authorRepetto, Andrea
dc.contributor.authorTobacman, Jeremy
dc.date.accessioned2025-01-20T16:12:50Z
dc.date.available2025-01-20T16:12:50Z
dc.date.issued2024
dc.description.abstractWe estimate beta-delta time preferences and relative risk aversion (RRA) using a lifecycle model including stochastic income, liquid and illiquid assets, credit cards, dependents, Social Security, mortality, and bequests. Preference parameters are identified by cross-tabulating four lifecycle age intervals and four balance sheet moments: the share of households carrying (ie, revolving) credit card debt, average carried credit card debt, average net wealth among households carrying credit card debt, and average net wealth among households not carrying credit card debt. The 16 moments are approximately matched by (MSM) parameter estimates beta=0.53, delta=0.99, and RRA = 1.9.
dc.fuente.origenWOS
dc.identifier.doi10.1093/rfs/hhae035
dc.identifier.eissn1465-7368
dc.identifier.issn0893-9454
dc.identifier.urihttps://doi.org/10.1093/rfs/hhae035
dc.identifier.urihttps://repositorio.uc.cl/handle/11534/90357
dc.identifier.wosidWOS:001272131300001
dc.language.isoen
dc.revistaReview of financial studies
dc.rightsacceso restringido
dc.subjectD91
dc.subjectE21
dc.subjectG51
dc.subject.ods03 Good Health and Well-being
dc.subject.ods10 Reduced Inequality
dc.subject.ods01 No Poverty
dc.subject.odspa03 Salud y bienestar
dc.subject.odspa10 Reducción de las desigualdades
dc.subject.odspa01 Fin de la pobreza
dc.titleEstimating Discount Functions with Consumption Choices over the Lifecycle
dc.typeartículo
sipa.indexWOS
sipa.trazabilidadWOS;2025-01-12
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