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| HAL : halshs-00594060, version 1 |
| Fiche détaillée |  Récupérer au format |
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| Savings behavior with imperfect capital markets : when hyperbolic discounting leads to discontinuous strategies |
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| Bertrand Wigniolle 1, 2 |
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| (04/2011) |
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| This paper provides a detailed study of a simple life-cycle consumption model with quasi-hyperbolic discounting and an imperfect financial market. It gives a complete characterization of savings behaviors. The joint assumptions of quasi-hyperbolic discount factors and no-borrowing constraints may lead to non-convexities in selves' objective functions that may imply discontinuous equilibrium strategies. Savings function may undergo jumps and non-momotonicities when the income or the interest rate reach a threshold value. These "anomalies" may exist even for reasonable parameters values. |
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| 1 : | Centre d'économie de la Sorbonne (CES) |
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CNRS : UMR8174 – Université Paris I - Panthéon-Sorbonne |
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| 2 : | Ecole d'Économie de Paris - Paris School of Economics (EEP-PSE) |
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Ecole d'Économie de Paris |
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| Discipline | : | Sciences de l'Homme et Société/Economie et finances |
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| Quasi-hyperbolic preferences – no-borrowing constraint – discontinuous strategies. |
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| Liste des fichiers attachés à ce document : | |||||
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| halshs-00594060, version 1 | |
| http://halshs.archives-ouvertes.fr/halshs-00594060 | |
| oai:halshs.archives-ouvertes.fr:halshs-00594060 | |
| Contributeur : Lucie Label | |
| Soumis le : Mercredi 18 Mai 2011, 16:04:26 | |
| Dernière modification le : Jeudi 19 Mai 2011, 10:10:45 | |
