Sophistication drives higher growth than navïeté in the Ak model with hyperbolic discounting: An exhaustive numerical exploration
研究了双曲贴现下老练与天真两类行为人在Ak内生增长模型中的表现，发现老练行为人的有效时间偏好率更低、增长率更高，并通过数值分析验证该结论在全部可行参数空间成立。
This paper examines the Ak endogenous growth model with naïve and sophisticated agents under hyperbolic discounting. The utility function is isoelastic, with an intertemporal elasticity of substitution less than one. We derive a simple condition to verify that the effective rate of time preference is lower — and, consequently, the growth rate is higher — when agents are sophisticated rather than naïve. An extensive numerical analysis suggests that this condition holds across the entire feasible parameter space.