Publication
Title
Intertemporal consumption with anticipating, remembering, and experiencing selves
Author
Abstract
We study intertemporal choice through a novel and flexible framework that accounts for savoring of future consumption and memories of past consumption. The model uses standard intertemporal budget constraints but enriches preference structures with utility from anticipation, remembering, and experience. We also present an internal commitment mechanism that ensures dynamic consistency. We provide a revealed preference characterization of this model and apply it to quarterly consumption data from Spanish households. Utility from anticipation is important-and time inconsistency not strictly needed-to rationalize consumption patterns in the data.
Language
English
Source (journal)
International economic review. - Philadelphia, Pa
Publication
Hoboken : Wiley , 2024
ISSN
0020-6598
DOI
10.1111/IERE.12705
Volume/pages
(2024) , p. 1-40
ISI
001197896400001
Full text (Publisher's DOI)
Full text (open access)
UAntwerpen
Faculty/Department
Research group
Publication type
Subject
Affiliation
Publications with a UAntwerp address
External links
Web of Science
Record
Identifier
Creation 02.05.2024
Last edited 08.05.2024
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