Estimating Discount Functions with Consumption Choices over the Lifecycle
利用包含随机收入、流动与非流动资产、信用卡、社会保障等要素的生命周期模型，估计了β-δ时间偏好和相对风险厌恶系数，并通过四个资产负债表矩与四个生命周期年龄段的交叉表来识别参数。
Abstract We estimate β-δ time preferences and relative risk aversion (RRA) using a lifecycle model including stochastic income, liquid and illiquid assets, credit cards, dependents, Social Security, mortality, and bequests. Preference parameters are identified by cross-tabulating four lifecycle age intervals and four balance sheet moments: the share of households carrying (ie, revolving) credit card debt, average carried credit card debt, average net wealth among households carrying credit card debt, and average net wealth among households not carrying credit card debt. The 16 moments are approximately matched by (MSM) parameter estimates β=0.53, δ=0.99, and RRA = 1.9.