{"title":"现时偏好和非流动资产的影响","authors":"Rong Tang, Shi Pu, Shou Chen","doi":"10.1016/j.econlet.2024.112021","DOIUrl":null,"url":null,"abstract":"<div><div>This paper incorporates liquidity constraints into a discrete three-stage model to investigate the consumption-savings decisions of present-biased agents. We derive the analytical solution for consumption choices of sophisticated and naive agents who hold illiquid assets that are untradable until the last period. Then, we investigate how the proportion of illiquid assets, liquidity premium and agents’ preferences affect the consumption of both agents. Our findings reveal that naive agents not always consume more than their sophisticated counterparts. Moreover, we theoretically find that illiquid assets may improve the welfare of agents and have a pre-commitment effect on both agents.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"244 ","pages":"Article 112021"},"PeriodicalIF":2.1000,"publicationDate":"2024-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Present-biased preferences and the effect of illiquid assets\",\"authors\":\"Rong Tang, Shi Pu, Shou Chen\",\"doi\":\"10.1016/j.econlet.2024.112021\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This paper incorporates liquidity constraints into a discrete three-stage model to investigate the consumption-savings decisions of present-biased agents. We derive the analytical solution for consumption choices of sophisticated and naive agents who hold illiquid assets that are untradable until the last period. Then, we investigate how the proportion of illiquid assets, liquidity premium and agents’ preferences affect the consumption of both agents. Our findings reveal that naive agents not always consume more than their sophisticated counterparts. Moreover, we theoretically find that illiquid assets may improve the welfare of agents and have a pre-commitment effect on both agents.</div></div>\",\"PeriodicalId\":11468,\"journal\":{\"name\":\"Economics Letters\",\"volume\":\"244 \",\"pages\":\"Article 112021\"},\"PeriodicalIF\":2.1000,\"publicationDate\":\"2024-10-11\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Economics Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0165176524005056\",\"RegionNum\":4,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economics Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0165176524005056","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
Present-biased preferences and the effect of illiquid assets
This paper incorporates liquidity constraints into a discrete three-stage model to investigate the consumption-savings decisions of present-biased agents. We derive the analytical solution for consumption choices of sophisticated and naive agents who hold illiquid assets that are untradable until the last period. Then, we investigate how the proportion of illiquid assets, liquidity premium and agents’ preferences affect the consumption of both agents. Our findings reveal that naive agents not always consume more than their sophisticated counterparts. Moreover, we theoretically find that illiquid assets may improve the welfare of agents and have a pre-commitment effect on both agents.
期刊介绍：
Many economists today are concerned by the proliferation of journals and the concomitant labyrinth of research to be conquered in order to reach the specific information they require. To combat this tendency, Economics Letters has been conceived and designed outside the realm of the traditional economics journal. As a Letters Journal, it consists of concise communications (letters) that provide a means of rapid and efficient dissemination of new results, models and methods in all fields of economic research.
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