Federal Reserve Bank of Philadelphia Consumer Finance Institute: 'Time-Consistent Individuals, Time-Inconsistent Households'
April 21, 2026
April 21, 2026
PHILADELPHIA, Pennsylvania, April 21 (TNSLrpt) -- The Federal Reserve Bank of Philadelphia's Consumer Finance Institute issued a working paper in April 2026 entitled "Time-Consistent Individuals, Time-Inconsistent Households."
Here are excerpts:
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Standard theory of household financial decision-making is based upon the behavior of a single maximizing agent. However, a considerable body of empirical work strongly rejects the unitary model . . .
Here are excerpts:
* * *
Standard theory of household financial decision-making is based upon the behavior of a single maximizing agent. However, a considerable body of empirical work strongly rejects the unitary model . . .