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- W3201135092 abstract "Why do some people prefer owning durable goods instead of renting? We show that owning durable goods provides a commitment incentive for a consumer with time inconsistent preferences and helps maximize her utility. Previous research on time inconsistent preferences has focused on the role of financial assets as a commitment device and showed that illiquid financial assets cannot play such a commitment role. In this paper, we incorporate durable goods into the quasi-hyperbolic discounting model and show that the price of durable goods reflects a positive commitment premium. Our finding of the commitment incentive in durable goods provides a possible explanation of why owning rather than renting durable goods is a better idea for consumers." @default.
- W3201135092 created "2021-09-27" @default.
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- W3201135092 date "2022-03-01" @default.
- W3201135092 modified "2023-10-05" @default.
- W3201135092 title "Durable goods as commitment devices under quasi-hyperbolic discounting" @default.
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- W3201135092 doi "https://doi.org/10.1016/j.jmateco.2021.102561" @default.
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