Technology and Time Inconsistency
研究时间不一致偏好如何影响投资补贴政策，发现对上游、长成熟期且与未来投资互补的技术应给予更大补贴，且时间不一致与外部性效应叠加。
A growing body of evidence suggests that individuals have time-inconsistent pref-erences. Even when they do not, policy makers who fear to loose elections willapply discount rates that decrease in relative time when they consider investmentprojects. To ináuence future choices, current strategic investments or investmentsubsidies should be larger for technologies that are strategic complements to futureinvestments, further upstream in the supply chain, and characterized by longer ma-turity. A quantitative assessment suggests that time inconsistency can rationalizesubsidies at similar levels as market failures such as externalities can. Furthermore,the two e§ects are superadditive: Time inconsistency and strategic investments arethus especially important for long-term policies associated with externalities.