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https://hdl.handle.net/10419/49497
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DC Field | Value | Language |
---|---|---|
dc.contributor.author | Gautier, Pieter A. | en |
dc.contributor.author | van Vuuren, Aico | en |
dc.date.accessioned | 2011-08-29 | - |
dc.date.accessioned | 2011-09-14T13:12:58Z | - |
dc.date.available | 2011-09-14T13:12:58Z | - |
dc.date.issued | 2011 | - |
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 |
dc.language.iso | eng | en |
dc.publisher | |aCenter for Economic Studies and ifo Institute (CESifo) |cMunich | en |
dc.relation.ispartofseries | |aCESifo Working Paper |x3549 | en |
dc.subject.jel | D03 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | present bias | en |
dc.subject.keyword | hyperbolic discounting | en |
dc.subject.keyword | discount rate | en |
dc.subject.keyword | hedonic estimation | en |
dc.subject.stw | Zeitpräferenz | en |
dc.subject.stw | Abzinsung | en |
dc.subject.stw | Bodennutzung | en |
dc.subject.stw | Immobilien-Leasing | en |
dc.subject.stw | Amsterdam | en |
dc.title | A flexible test for present bias and time preferences using land-lease contracts | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 667309500 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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