The Hyperbolic Consumption Model: Calibration, Simulation, and Empirical Evaluation
模拟了具有双曲线贴现偏好的家庭的储蓄和资产配置决策，发现其行为比指数贴现家庭更符合实际消费和资产负债表数据，尤其在循环信贷使用、消费与收入同步性及退休前后消费变化方面。
Laboratory and field studies of time preference find that discount rates are much greater in the short run than in the long run. Hyperbolic discount functions capture this property. This paper presents simulations of the savings and asset allocation choices of households with hyperbolic preferences. The behavior of the hyperbolic households is compared to the behavior of exponential households. The hyperbolic households borrow much more frequently in the revolving credit market. The hyperbolic households exhibit greater consumption income comovement and experience a greater drop in consumption around retirement. The hyperbolic simulations match observed consumption and balance sheet data much better than the exponential simulations.