General equilibrium dynamics with naïve and sophisticated hyperbolic consumers in an overlapping generations economy

Ojima, Takeshi

Institute of Social and Economic Research Discussion Papers, 2014, 886, 1-36

アクセス数:272件（2026-02-16 10:58 集計）

固定URL: https://hdl.handle.net/11094/26047

論文情報

ファイル出力 EndNote Basic出力 Mendeley出力

タイトル
General equilibrium dynamics with naïve and sophisticated hyperbolic consumers in an overlapping generations economy
著者
NRID
1000060754827 1000060754827
著者名
Ojima, Takeshi
キーワード等
Bankruptcy
Hyperbolic discounting
Naïf
Sophisticate
General equilibrium
内容
September 2013, Revised January 2014
抄録
Using an overlapping generations model, this paper describes interactions between naïve and sophisticated hyperbolic discounters in general equilibrium. The naïfs, who overestimate their future propensity to save and hence over-forecast the future equilibrium asset prices, are exploited through capital transactions by sophisticates, who correctly forecast the future asset prices by incorporating the naïfs’ mis-forecasts. Due to the capital losses, the naïfs fall into bankruptcy when they are highly present-biased, highly patient, and small in proportion. Under permissive conditions, the equilibrium is shown to be globally stable and Pareto inefficient in the ex-post sense.
出版者
The Institute of Social and Economic Research, Osaka University
収録物名
Institute of Social and Economic Research Discussion Papers
巻(号)
886
ページ
1-36
刊行年月
2014-01
言語
英語
ハンドルURL
https://hdl.handle.net/11094/26047
関連情報 (references)
URI
https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2013/DP0886R.pdf
アクセス権
metadata only access
カテゴリ
ディスカッション／ワーキング・ペーパー DP/WP
Institute of Social and Economic Research Discussion Papers
最終更新日
2014-01