Temptation and Self‐Control: Some Evidence and Applications
利用消费者支出调查数据，构建包含诱惑偏好的消费储蓄模型，发现诱惑强度影响资产定价，并通过退休账户持有行为识别诱惑的存在，估计结果支持诱惑偏好理论。
This paper studies the empirical relevance of temptation and self‐control using household‐level data from the Consumer Expenditure Survey. We construct an infinite‐horizon consumption‐savings model that allows, but does not require, temptation and self‐control in preferences. In the presence of temptation, a wealth–consumption ratio, in addition to consumption growth, becomes a determinant of the asset‐pricing kernel, and the importance of this additional pricing factor depends on the strength of temptation. To identify the presence of temptation, we exploit an implication of the theory that a more tempted individual should be more likely to hold commitment assets such as individual retirement account (IRA) or 401(k) accounts. Our estimation provides empirical support for temptation preferences. Based on our estimates, we explore some quantitative implications of this class of preferences for capital accumulation in a neoclassical growth model and the welfare cost of the business cycle.