Risk, Delay, and Convex Self-Control Costs
构建了一个与宏观经济学理论兼容的双重自我模型，用凸性自我控制成本解释了阿莱悖论等风险异常，以及风险与延迟的交互作用，并通过校准获得定量拟合。
We develop a dual-self model of self-control that is compatible with modern dynamic macroeconomic theory and evidence. We show that a convex cost of self-control explains a wide range of behavioral anomalies concerning risk, including the Allais paradox, and also explains the observed interaction between risk and delay. We calibrate the model to obtain a quantitative fit. We find that most of the data can be explained with subjective interest rates in the range of 1–7 percent, short-run relative risk aversion of about two, and a time horizon of one day for the short-run self.