Working paper
Estimating discount functions with consumption choices over the lifecycle
- Abstract:
-
Intertemporal preferences are difficult to measure. We estimate time preferences using a structural buffer stock consumption model and the Method of Simulated Moments. The model includes stochastic labor income, liquidity constraints, child and adult dependents, liquid and illiquid assets, revolving credit, retirement, and discount functions that allow short-run and long-run discount rates to differ. Data on retirement wealth accumulation, credit card borrowing, and consumption-income comovem...
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- Publication status:
- Published
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Bibliographic Details
- Publisher:
- University of Oxford Publisher's website
- Series:
- Department of Economics Discussion Paper Series
- Publication date:
- 2007-08-01
- Paper number:
- 341
Item Description
- Keywords:
- Pubs id:
-
1144096
- Local pid:
- pubs:1144096
- Deposit date:
- 2020-12-15
Terms of use
- Copyright date:
- 2007
- Rights statement:
- Copyright 2007 The Author(s)
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