; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Temptation and Self-Control: Some Evidence and Applications"; ; "batchuser@example.com"; "Liu, Zheng", "Zhu, Qi", "Huang, Kevin X. D."; "Federal Reserve Bank of Minneapolis"; "Intertemporal decision", "Temptation", "Limited participation", "Consumption", "Self-control"; "E21 - Macroeconomics: Consumption; Saving; Wealth", "D91 - Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making"; "This paper studies the empirical relevance of temptation and self-control using household-level data from the Consumer Expenditure Survey. We estimate an infinite-horizon consumption-savings model that allows, but does not require, temptation and self-control in preferences. To help identify the presence of temptation, we exploit an implication of the theory that a tempted individual has a preference for commitment. In the presence of temptation, the cross-sectional distribution of the wealth-consumption ratio, in addition to that of consumption growth, becomes a determinant of the asset-pricing kernel, and the importance of this additional pricing factor depends on the strength of temptation. The estimates that we obtain provide statistical evidence supporting the presence of temptation. Based on our estimates, we explore some quantitative implications of this class of preferences on equity premium and on the welfare cost of business cycles."^^; "2006-01"; "2019-06-21T15:51:36.074228478+00:00"^^; "https://doi.org/10.21034/sr.367"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Thu Nov 7 21:47:17 2019"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "349", "461", "884"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "367"; "Intertemporal decision", "Limited participation", "Temptation", "Self-control", "Consumption"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "Published in: _Journal of Money, Credit, and Banking_ (Vol. 47, Issue 4, June 2015, pp.581-615) https://doi.org/10.1111/jmcb.12222."^^; ; "Publication" . ; .