Rational Addiction and Time Consistency: An Empirical Test
针对理性成瘾理论中需求方程无法与时间不一致模型区分的问题,提出一个微观基础的检验方法,并用俄罗斯面板数据验证了吸烟者的时间一致性。
This paper addresses one of the main empirical problems associated with rational addiction theory, namely, that its derived demand equation is not empirically distinguishable from those of models with forward-looking behavior but with time-inconsistent preferences. Using an encompassing general specification of the rational addiction model we derive a microfounded test of time-consistency. The test allows us to distinguish between time-consistent versus time-inconsistent naïve agents. The results obtained from a panel of Russian individuals conform to the theoretical predictions of the rational addiction model and the proposed test for time-consistency does not reject the hypothesis that Russian cigarette consumers are time-consistent.