Econ Papers Daily / 期刊论文
现时偏差、创新与不平等
Present bias, innovation and inequality
摘要
This paper studies how present bias affects innovation, growth, and inequality by incorporating quasi-hyperbolic discounting into a Schumpeterian growth model with heterogeneous household assets. When the intertemporal elasticity of substitution is below one, present bias reduces innovation and slows creative destruction, increasing income and consumption inequality. In the benchmark calibration, a 6.5% innovation subsidy restores innovation and growth under lump-sum financing. At the respective growth-restoring subsidy rates, lump-sum financing raises post-tax income and consumption inequality, whereas proportional income-tax financing lowers both. Neither financing method restores these measures to the matched exponential benchmark. Under lump-sum financing, present bias also raises the welfare-maximizing subsidy from 77.5% in the exponential economy to 81.6%. Thus, growth restoration does not imply distributional restoration, and the direction of the inequality effects depends on the financing method.
中文摘要
本文通过将准双曲贴现引入具有异质性家庭资产的熊彼特增长模型，研究现时偏差如何影响创新、增长与不平等。当跨期替代弹性低于1时，现时偏差会抑制创新并减缓创造性破坏，从而加剧收入与消费不平等。在基准校准下，6.5%的创新补贴在一次性总付融资下可恢复创新与增长。在各自可恢复增长的补贴率下，一次性总付融资会提高税后收入与消费不平等，而比例所得税融资则会降低这两类不平等。两种融资方式均无法将这些指标恢复到相匹配的指数基准水平。在一次性总付融资下，现时偏差还将福利最大化补贴从指数经济中的77.5%提高至81.6%。因此，恢复增长并不意味着恢复分配，而不平等效应的方向取决于融资方式。