The Hyperbolic Consumption Model: Calibration, Simulation, and Empirical Evaluation

摘要

Our preferences for the long run tend to conflict with our short-run behavior. When planning for the long run, we intend to meet our deadlines, exercise regularly, and eat healthfully. But in the short run, we have little interest in revising manuscripts, jogging on the StairMaster, and skipping the chocolate souffle a la mode. Delay of gratification is a nice long-term goal, but instant gratification is disconcertingly tempting.