Becker and Murphy develop a theory in which addiction -- even strong addiction to alcohol, cigarettes, or heroin -- is the outcome of a consistent, forward-looking plan to maximize utility over time, …
This paper tests the life-cycle/permanent-income hypothesis (LC/PIH) using payments from the Alaska Permanent Fund Dividend (PFD), which are large, regular, and known roughly six months before Alaskan …
Online FirstReview of Economic StudiesOnline 21 May 2026
Multiple prior decision models—in which beliefs are represented by a set of probability measures rather than a single measure, generating a probability interval for each event—have become increasingly …
PublishedClassicBrookings Papers on Economic ActivityPublished Jan 1998
This paper builds the first calibrated life-cycle simulation model of "hyperbolic" consumers -- whose discount rates decline with horizon, setting up a conflict between a patient long-run self and an …
PublishedClassicJournal of Economic PerspectivesPublished Aug 2001
This 2001 Journal of Economic Perspectives paper by George-Marios Angeletos, David Laibson, Andrea Repetto, Jeremy Tobacman, and Stephen Weinberg -- sourced here from the authors' own underlying 2000 …