Hyperbolic discounting and state‐dependent commitment
在不可保的禀赋风险随机经济中，研究了双曲贴现消费者如何利用非流动性资产和借贷约束作为承诺工具，发现状态依赖的承诺仅在低禀赋路径上可行，高禀赋路径上无法实现完全承诺。
Abstract In a stochastic economy with uninsurable endowment risk, we establish a condition under which hyperbolic‐discounting consumers commit to a future consumption path using both illiquid assets and borrowing constraints as commitment devices. There is the possibility that a state‐dependent commitment can be adopted as an equilibrium consumption strategy. On a path leading to low future endowment, the current self can commit to its own optimal consumption path, which is undesirable for future selves. In contrast, along the path with a high future endowment, the current self cannot make a commitment and must accept a consumption allocation that future selves will revise. Thus, depending on what stochastic state will arise, people cannot fully utilize the available commitment devices in risky situations.