DP番号 DP2019-003

言語 英語のみ

発行年月 February, 2020

著者 暮石渉・Hannah Paule-Paludkiewicz ・辻山仁志・若林緑

JELコード D01, D12, D91

キーワード 時間選好;選好の安定性;年齢;割引率時間選好;選好の安定性;年齢;割引率

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要旨

We study whether and how time preferences change over the life cycle, exploiting the Japan Household Panel Survey (JHPS). In order to identify age effects, we have to disentangle them from cohort and period factors. We address this identification problem by estimating individual fixed effects models, where we substitute period effects with determinants of time preferences that depend on calendar years. We find that discount rates decrease with age and the decline is remarkably linear over the life cycle.