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¾ÜºÙ | ¡ÚÊó¹ð¼Ô¡ÛÉð²¬Â§ÃË»á¡Ê²£É͹ñΩÂç³Ø¡¡·ÐºÑ³ØÉô½Ú¶µ¼ø¡Ë ¡ÚÊó¹ð¥¿¥¤¥È¥ë¡ÛStochastic Endogenous Time Preference ¡Ú¾ì½ê¡Û1¹æ´Û¡¡4³¬401¶µ¼¼ ¡Ú³µÍ×¡Û É𲬽ڶµ¼ø¤Ï²£É͹ñΩÂç³Ø·ÐºÑ³ØÉô¹ñºÝ·ÐºÑ³Ø²Ê¤Î¥°¥í¡¼¥Ð¥ë·ÐºÑ¹ÖºÂ¤Î½Ú¶µ¼ø¤Ç¤¢¤ê¡¢¥ß¥¯¥í·ÐºÑ³Ø¡¢°Õ»×·èÄêÍýÏÀ¤Ê¤É¤Î¸¦µæ¤ò¹Ô¤Ã¤Æ¤¤¤ë¡£ÆÃ¤Ë¡¢ºÇ¶á¤Î¥Æ¡¼¥Þ¤ÏÉԳμÂÀ²¼¤È°Û»þÅÀ´Ö¤Î°Õ»×·èÄêÌäÂê¤Ç¤¢¤ê¡¢ºÇ¶á¤ÎG-COEGLOPE2¤Ë¤ª¤±¤ë¼Â¸³¥Æ¡¼¥Þ¤Ë´ØÏ¢¤·¤Æ¤¤¤ë¡£º£²ó¤ÏƱ¶µ¼ø¤ÎºÇ¿·¤Î¸¦µæ(³µÍפϲ¼µ)¤ò¤¦¤«¤¬¤¤¡¢À¯¼£·ÐºÑ³Ø¼Â¸³¤òȼ¤¦ËÜ¥×¥í¥¸¥§¥¯¥È¤Ø¤Î±þÍѤβÄǽÀ¤ò¸¡Æ¤¤¹¤ë¡£ ³µÍס§Preference for flexibility arises inherently in sequential decision making. However, a majority of the literature accommodating this behavior has limitations to capture changing preference for flexibility across time. This study incorporates the histories of past consumption into an infinite horizon extension of Dekel, Lipman, and Rustichini (2001),and models a decision maker who may change preference for flexibility according to her histories of past consumption. In particular, we focus on a decision maker having preference for flexibility because she is uncertain about future time preference or discount factors, and such uncertainty evolves according to histories of past consumption. Within our framework, we can compare attitude toward flexibility across different histories, in terms of a trade-off between earlier but smaller rewards and later but larger rewards. This comparison characterizes a property of the representation in which the decision maker's belief about future discount factors at some history is greater than her belief at another history in the increasing convex and concave stochastic orders. That is, the former belief is interpreted as being more patient than the latter in a stochastic sense. |
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