Learning and Visceral Temptation in Dynamic Saving Experiments
通过两个实验检验生命周期模型中储蓄不足的原因：有限理性与即时偏好。第一个实验发现被试起初储蓄过少但经学习后达到最优；第二个实验发现口渴被试即时消费时过度支出，符合准双曲贴现模型。
This paper tests two explanations for apparent undersaving in life cycle models: bounded rationality and a preference for immediacy. Each was addressed in a separate experimental study. In the first study, subjects saved too little initially—providing evidence for bounded rationality—but learned to save optimally within four repeated life cycles. In the second study, thirsty subjects who consume beverage sips immediately, rather than with a delay, show greater relative overspending, consistent with quasi-hyperbolic discounting models. The parameter estimates of overspending obtained from the second study, but not the first, are in range of several empirical studies of saving (with an estimated β = 0.6–0.7).