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¡Ú¥¿¥¤¥È¥ë¡Û Heterogeneous impatience and dynamic inconsistency
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It has been well known in the literature that the representative consumer of individual consumers having heterogeneous impatience has decreasing impatience, and, hence, is dynamically inconsistent. However, it has not been investigated whether any sort of higher degree of heterogeneity leads to any sort of higher degree of dynamic inconsistency. In this paper, we use the cumulant-generating function of the wealth-weighted distribution of subjective discount rates and the definition by Prelec (2004) of the measure of dynamic inconsistency, and show that the more convex the cumulant-generating function is, the more dynamically inconsistent the representative consumer is.

*The talk will be given in Japanese.

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