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Identifying present bias and time preferences with an application to land-lease-contract data

机译:用应用于土地租赁合同数据识别当前偏见和时间偏好

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摘要

What can contracts-traded and priced in a competitive market and featuring a pre-specified system of future payments-teach us about time preferences and present bias? We first show that identification of present bias requires assumptions on the felicity function and that agents must have credit constraints on consumption expenditure. Moreover, when there is heterogeneity in present bias, identification requires that agents with the same present bias parameter buy houses with different contracts. We illustrate our findings with observational land-lease-contract data from Amsterdam.
机译:什么可以在竞争激烈的市场上进行合同和定价,并具有预先指定的未来付款系统 - 教我们关于时间偏好和目前的偏见?我们首先表明目前偏见的识别需要对幸福函数的假设,并且该代理商必须对消费支出具有信贷限制。此外,当存在具有异质性的偏差时,鉴定要求具有相同目前偏见参数的代理商购买不同的合同的房屋​​。我们用来自阿姆斯特丹的观察土地租赁数据说明了我们的研究结果。

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