Instantaneous Gratification

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Instantaneous Gratification

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dc.contributor.author Laibson, David I.
dc.contributor.author Harris, Christopher
dc.date.accessioned 2012-11-16T15:32:56Z
dc.date.issued 2012
dc.identifier.citation Harris, Christopher and Dan Laibson. Forthcoming. Instantaneous gratification. Quarterly Journal of Economics. en_US
dc.identifier.issn 1531-4650 en_US
dc.identifier.uri http://nrs.harvard.edu/urn-3:HUL.InstRepos:9918802
dc.description.abstract Extending Barro (1999) and Luttmer & Mariotti (2003), we introduce a new model of time preferences: the instantaneous-gratification model. This model applies tractably to a much wider range of settings than existing models. It applies to both complete- and incomplete-market settings and it works with generic utility functions. It works in settings with linear policy rules and in settings in which equilibrium cannot be supported by linear rules. The instantaneous-gratification model also generates a unique equilibrium, even in infinite-horizon applications, thereby resolving the multiplicity problem hitherto associated with dynamically inconsistent models. Finally, it simultaneously features a single welfare criterion and a behavioral tendency towards overconsumption en_US
dc.description.sponsorship Economics en_US
dc.language.iso en_US en_US
dc.publisher Oxford University Press en_US
dc.relation.hasversion http://www.economics.harvard.edu/faculty/laibson/files/Instantaneous_Grat_Laibson_Harris_Jun12.pdf en_US
dash.license OAP
dc.subject quasi-hyberolic discounting en_US
dc.subject time preference en_US
dc.subject dynamic inconsistency en_US
dc.subject continuous time en_US
dc.subject consumption en_US
dc.subject savings en_US
dc.subject buffer stock en_US
dc.subject Euler relation en_US
dc.subject dynamic games en_US
dc.subject altruistic growth en_US
dc.title Instantaneous Gratification en_US
dc.type Journal Article en_US
dc.description.version Accepted Manuscript en_US
dc.relation.journal Quarterly Journal of Economics en_US
dash.depositing.author Laibson, David I.
dc.date.available 2012-11-16T15:32:56Z

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  • FAS Scholarly Articles [7594]
    Peer reviewed scholarly articles from the Faculty of Arts and Sciences of Harvard University

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