Time Discounting and Wealth Inequality
时间折扣和财富不平等
作者: Thomas EpperErnst FehrHelga Fehr-DudaClaus Thustrup KreinerDavid Dreyer LassenSøren Leth-PetersenGregers Nytoft Rasmussen
作者单位: 1School of Economics and Political Science, University of St. Gallen, University of Zurich, and CEBI (email: thomas.epper@unisg.ch )
2 Department of Economics, University of Zurich, and CEBI (email: ernst.fehr@econ.uzh.ch )
3 Department of Banking and Finance, University of Zurich, and CEBI (email: helga.fehr@bf.uzh.ch )
4 Department of Economics, Center for Economic Behavior and Inequality (CEBI), University of Copenhagen (email: ctk@econ.ku.dk )
5 5 Department of Economics, Center for Economic Behavior and Inequality (CEBI), University of Copenhagen (email: david.dreyer.lassen@econ.ku.dk )
6 6 Department of Economics, Center for Economic Behavior and Inequality (CEBI), University of Copenhagen (email: soren.leth-petersen@econ.ku.dk )
7 7 Department of Economics, Center for Economic Behavior and Inequality (CEBI), University of Copenhagen (email: gregers.nytoft.rasmussen@econ.ku.dk )
刊名: American Economic Review, 2020, Vol.110 (4), pp.1177-1205
来源数据库: American Economic Association
DOI: 10.1257/aer.20181096
原始语种摘要: This paper documents a large association between individuals’ time discounting in incentivized experiments and their positions in the real-life wealth distribution derived from Danish high-quality administrative data for a large sample of middle-aged individuals. The association is stable over time, exists through the wealth distribution and remains large after controlling for education, income profile, school grades, initial wealth, parental wealth, credit constraints, demographics, risk preferences, and additional behavioral parameters. Our results suggest that savings behavior is a driver of the observed association between patience and wealth inequality as predicted by standard savings theory. (JEL C91, D15, D31, E21 )
全文获取路径: 美国经济学会 
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关键词翻译
关键词翻译
  • wealth 财产
  • savings 储蓄
  • discounting 贴现
  • inequality 不等式
  • income 收入
  • credit 信用
  • administrative 行政的
  • school 学校
  • large 大的
  • between 在中间