BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//jEvents 2.0 for Joomla//EN
CALSCALE:GREGORIAN
METHOD:PUBLISH
BEGIN:VEVENT
UID:e1a4686d0abd7d86441fb9a8e0ed9e31
CATEGORIES:Seminars
CREATED:20171229T171604
SUMMARY:Pasquale Schiraldi - LSE
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Heterogeneous Time Preferences and Hyperbolic Discounting: Evidence from th
 e UK Mortgage Market (with Philippe Bracke and Matthew Levy)\nAbstract:\nWe
  estimate a dynamic discrete-continuous model of mortgage demand, in which 
 forward-looking borrowers choose the type (i.e. interest rate type, length,
  etc.) and quantity of mortgages. Borrowers are assumed to have timeseparab
 le utility, with quasi-hyperbolic discounting. Time preference plays an imp
 ortant role in understanding inter-temporal economic behaviour. Typically, 
 time preferences are not estimated in dynamic discrete choice models except
  under special exclusion restrictions (Magnac Thesmar, 2002), we instead pr
 ovide identification through the addition of the continuous choice over qua
 ntity borrowed. An existing literature on quasi-hyperbolic discounting focu
 ses on continuous choices (e.g. savings), to which we are able to add the d
 emand for commitment embedded in the discrete choice over mortgage products
 . Our reduced-form results confirm the effect of commitment on borrowing de
 cisions, as well as the effect of dynamic inconsistency on demand for commi
 tment. We then use the structural model to quantify the potential welfare i
 mplications of modifying the set of products so to improve consumers’ commi
 tment.\n
DTSTAMP:20260405T194442Z
DTSTART:20171123T170000Z
DTEND:20171123T183000Z
SEQUENCE:0
TRANSP:OPAQUE
END:VEVENT
END:VCALENDAR