The Hyperbolic Consumption Model: Calibration, Simulation, and Empirical Evaluation

A note on provenance. No copy of the Journal of Economic Perspectives article itself could be retrieved (AEA’s own site serves it from behind a Cloudflare bot challenge that blocked repeated scripted and in-browser attempts). This page instead rests on the underlying technical working paper by the same five authors, Angeletos, Laibson, Repetto, Tobacman, and Weinberg, “Hyperbolic Discounting, Wealth Accumulation, and Consumption” (Centro de Economia Aplicada, Universidad de Chile, Serie Economia No. 90, July 2000). The working paper’s own abstract is word-for-word the abstract Crossref and OpenAlex deposit for the published JEP article, and the two share all five authors and the same model, calibration, and headline results, so the working paper is almost certainly the technical basis the JEP “Perspectives” piece condenses – but the JEP text itself may re-sequence, retitle, or add exposition not present here. Treat section/page references below as pointing to the 2000 working paper, not to the 2001 JEP pagination (pp. 47-68).

Stephen Weinberg | Macro Paper Warehouse

The Hyperbolic Consumption Model: Calibration, Simulation, and Empirical Evaluation