ESTIMATING TEMPTATION AND COMMITMENT OVER THE LIFE CYCLE
在生命周期模型中估计诱惑对消费平滑和资产积累的影响，发现诱惑的效用成本约为消费效用收益的四分之一，且忽略诱惑会低估跨期替代弹性。
Abstract This article estimates the importance of temptation for consumption smoothing and asset accumulation in a life‐cycle model. We use two complementary estimation strategies: first, we estimate the model‐implied Euler equation; second, we match liquid and illiquid wealth accumulation using the method of simulated moments. In both cases, we find that the utility cost of temptation is one‐quarter of the utility benefit of consumption. Further, temptation is crucial for correctly estimating the elasticity of intertemporal substitution (EIS): EIS estimates are biased downward when ignoring temptation. Finally, the model only matches the share of illiquid wealth if temptation is in the preference specification.