Present Bias Unconstrained: Consumption, Welfare, and the Present-Bias Dilemma
在连续时间模型中引入现时偏向，推导出消费、非流动性资产需求和福利的闭式解，发现现时偏向会造成巨大福利损失，但个体难以通过非流动性资产等承诺工具缓解。
Abstract By augmenting the continuous-time specification of Harris and Laibson (2013) with the assumption that hard borrowing constraints do not bind in equilibrium, present bias can be tractably incorporated into rich consumption-saving models featuring stochastic income, risky and illiquid assets, and costly borrowing. I present closed-form expressions characterizing how present bias affects consumption, illiquid asset demand, and welfare. This welfare analysis specifies the channels through which present bias can matter for policy and uncovers the present-bias dilemma: present bias can have large welfare costs, but individuals have little ability to alleviate these costs using financial commitment devices like illiquid assets.