Ramsey Meets Laibson in the Neoclassical Growth Model
修改新古典增长模型，引入可变时间偏好率，发现无承诺能力且对数效用时均衡与标准模型等价，并探讨承诺能力对储蓄和增长的影响，以及最优制度设计。
The neoclassical growth model is modified to include a variable rate of time preference. With no commitment ability and log utility, the equilibrium features a constant effective rate of time preference and is observationally equivalent to the standard model. The extended framework yields testable linkages between the extent of commitment ability and the rates of saving and growth. The model also has welfare implications, including the optimal design of institutions that facilitate household commitments. Steady-state results are obtained for general concave utility functions, and some properties of the transitional dynamics are characterized for isoelastic utility.