Hyperbolic Discount Functions, Undersaving, and Savings Policy
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Studies of animal and human behavior suggest that discount functions are approximately hyperbolic (Ainslie, 1992). I analyze an economy with complete markets which is populated by hyperbolic consumers. I identify two ways in which this economy can be distinguished from an exponential economy. First,
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美国国家经济研究局创建时间：
1996-06-01
