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dc.contributor.authorHarris, Christopher
dc.contributor.authorLaibson, David I.
dc.date.accessioned2012-11-16T15:32:56Z
dc.date.issued2012
dc.identifier.citationHarris, Christopher and Dan Laibson. Forthcoming. Instantaneous gratification. Quarterly Journal of Economics.en_US
dc.identifier.issn1531-4650en_US
dc.identifier.urihttp://nrs.harvard.edu/urn-3:HUL.InstRepos:9918802
dc.description.abstractExtending 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 overconsumptionen_US
dc.description.sponsorshipEconomicsen_US
dc.language.isoen_USen_US
dc.publisherOxford University Pressen_US
dc.relation.hasversionhttp://www.economics.harvard.edu/faculty/laibson/files/Instantaneous_Grat_Laibson_Harris_Jun12.pdfen_US
dash.licenseOAP
dc.subjectquasi-hyberolic discountingen_US
dc.subjecttime preferenceen_US
dc.subjectdynamic inconsistencyen_US
dc.subjectcontinuous timeen_US
dc.subjectconsumptionen_US
dc.subjectsavingsen_US
dc.subjectbuffer stocken_US
dc.subjectEuler relationen_US
dc.subjectdynamic gamesen_US
dc.subjectaltruistic growthen_US
dc.titleInstantaneous Gratificationen_US
dc.typeJournal Articleen_US
dc.description.versionAccepted Manuscripten_US
dc.relation.journalQuarterly Journal of Economicsen_US
dash.depositing.authorLaibson, David I.
dc.date.available2012-11-16T15:32:56Z
dc.identifier.doi10.1093/qje/qjs051
dash.contributor.affiliatedLaibson, David


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