We estimate β-δ time preferences and relative risk aversion (RRA) using a lifecycle model including stochastic income, liquid and illiquid assets, credit cards, dependents, Social Security, mortality, and bequests. Preference parameters are identified by cross-tabulating four lifecycle age intervals and four balance sheet moments: the share of households carrying (ie, revolving) credit card debt, average carried credit card debt, average net wealth among households carrying credit card debt, and average net wealth among households not carrying credit card debt. The 16 moments are approximately matched by (MSM) parameter estimates β=0.53, δ=0.99, and RRA=1.9. (JEL D91, E21, G51)

中文翻译：

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通过生命周期内的消费选择来估计折扣函数


我们使用生命周期模型来估计 β-δ 时间偏好和相对风险规避 (RRA)，其中包括随机收入、流动性和非流动性资产、信用卡、家属、社会保障、死亡率和遗赠。通过交叉制表四个生命周期年龄区间和四个资产负债表时刻来确定偏好参数：持有（即循环）信用卡债务的家庭比例、平均持有信用卡债务、持有信用卡债务的家庭的平均净财富以及平均净财富。没有信用卡债务的家庭的净财富。这 16 个矩与 (MSM) 参数估计值 β=0.53、δ=0.99 和 RRA=1.9 近似匹配。 (JEL D91、E21、G51)