• 충청수학회지
• /
• 제34권2호
• /
• pp.169-180
• /
• 2021

This paper investigates the time-inconsistent agent's optimal consumption and investment problem under inflation risk. The agents' discount factor is governed by hyperbolic discounting, which has a random time to change. We impose the inflation risk which plays a crucial role in long-term financial planning. We derive the semi-analytic solution to the problem of sophisticated agents when the time horizon is finite.

• 충청수학회지
• /
• 제32권2호
• /
• pp.215-224
• /
• 2019

We investigate the optimal consumption and investment decision problem of an agent whose time preference is time-inconsistent. Specifically, for a time-separable utility function, the agent's subjective discount factor is supposed to be changed randomly in the future. We provide closed-form solutions in the presence of income process. The method can be extended into the case with a stochastic income process.

• 인지과학
• /
• 제24권4호
• /
• pp.323-338
• /
• 2013

원인과 결과 간의 연결 강도에 관한 추정인 인과 추론에는 다수의 처리기제가 다른 처리 시점에 관여하며 따라서 이들 각각에 민감하게 작용하는 개인차 변인은 상이할 가능성이 크다. 특히, 조건부화와 절감 현상은 하나의 결과에 다수의 잠재원인이 존재할 경우 특정 원인과 결과 간의 인과 강도를 추정할 때 일어나는 주요현상에 해당한다. 본 연구에서는 맥락 민감도와 관련된 개인차 변인인 자기 해석을 조작하여 조건부화와 절감 현상에 어떠한 영향을 미치는가를 알아보았다. 그 결과 독립적 자기 조건과 상호의존적 자기 조건 간에는 조건부화 정도의 차이가 발견되지 않았다. 그러나 상호의존적 자기 조건이 더 높은 절감 현상을 보였으며 이는 조건부화와 절감 현상이 각기 다른 처리 기제임을 시사한다고 볼 수 있다.

• East Asian Economic Review
• /
• 제27권3호
• /
• pp.179-211
• /
• 2023

This paper investigates the relationship between the spread of COVID-19 and time preference. In contrast to previous studies that compared time preferences before and during the pandemic, this study estimates time preferences during the COVID-19 period using eight surveys conducted over two years. Additionally, a regression analysis was conducted on the number of new COVID-19 cases and the time elapsed since the outbreak, with estimated time preference as the dependent variable. Despite a small sample size, statistically significant results were obtained, showing that as the number of new cases increased, time preference also increased. However, this effect diminished over time and disappeared by the end of 2021 in Japan. This may be due to the public's growing familiarity with the risks of COVID-19 and the availability of vaccines and treatments. Despite a significant increase in new cases in 2022, time preference was lower than immediately after the outbreak, and this was reflected in private investments. Immediately after the outbreak of COVID-19, private investments decreased by 12% compared to the previous year, but the investments are returning in 2022 despite the surge in the number of cases. The trend of time preference explains the trend of Japanese private investments very well.