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EconStor >
ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/49497
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Gautier, Pieter A. | | en_US |
| dc.contributor.author | | van Vuuren, Aico | | en_US |
| dc.date.accessioned | | 2011-08-29 | | en_US |
| dc.date.accessioned | | 2011-09-14T13:12:58Z | | - |
| dc.date.available | | 2011-09-14T13:12:58Z | | - |
| dc.date.issued | | 2011 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/49497 | | - |
| dc.description.abstract | | When agents have present bias, they discount more between now and the next period than between period t (> 1) and t + 1. How fast the future discount rate (evaluated today) decays is an empirical question. We show that the discount function can be non-parametrically identified with contracts that specify payments that take place at various points in time in the future and which are traded and priced in a competitive market. We use a unique land lease-contract data set for Amsterdam, which has the above properties, to test for present bias in a flexible way. We find no evidence for present bias in this market. Even though we allow for a general-hyperbolic specification (which has exponential discounting as a special case), our estimates converge to an exponential discount function with a corresponding discount rate (in our baseline specification) of 8 %. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | CESifo München | | en_US |
| dc.relation.ispartofseries | | CESifo working paper: Behavioural Economics 3549 | | en_US |
| dc.subject.jel | | D03 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | present bias | | en_US |
| dc.subject.keyword | | hyperbolic discounting | | en_US |
| dc.subject.keyword | | discount rate | | en_US |
| dc.subject.keyword | | hedonic estimation | | en_US |
| dc.subject.stw | | Zeitpräferenz | | en_US |
| dc.subject.stw | | Abzinsung | | en_US |
| dc.subject.stw | | Bodennutzung | | en_US |
| dc.subject.stw | | Immobilien-Leasing | | en_US |
| dc.subject.stw | | Amsterdam | | en_US |
| dc.title | | A flexible test for present bias and time preferences using land-lease contracts | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 667309500 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | en_US |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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