Rate of time preference, intertemporal elasticity of substitution, and level of wealth

Masao Ogaki, Andrew Atkeson

研究成果: Chapter

抄録

The rate of time preference (RTP) and the intertemporal elasticity of substitution (IES) are two important factors shaping intertemporal consumption decisions. Models in which the RTP and/or the IES differ systematically between rich and poor households have different empirical and policy implications for economic development, growth, and the distribution of income and consumption from those of standard models in which these parameters are constant across households. In this chapter, we estimate a model in which both RTP and IES are allowed to differ across rich and poor households using household level panel data from India. Our empirical results are consistent with the view that the RTP is constant across poor and rich households, but the IES is larger for the rich than it is for the poor.

本文言語English
ホスト出版物のタイトルBehavioral Interactions, Markets, and Economic Dynamics
ホスト出版物のサブタイトルTopics in Behavioral Economics
出版社Springer Japan
ページ229-247
ページ数19
ISBN(電子版)9784431555018
ISBN(印刷版)9784431555001
DOI
出版ステータスPublished - 2015 9 12

ASJC Scopus subject areas

  • 経済学、計量経済学および金融学(全般)
  • ビジネス、管理および会計(全般)
  • 心理学(全般)

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