Time-inconsistent optimal quantity of debt

Relative vices and virtues have traditionally been defined according to time-inconsistent preferences. Vice products exchange small immediate rewards (e.g., pleasure) for larger delayed costs (e.g., health), while virtue products exchange small immediate costs for larger delayed rewards. This definition can be criticized because there is evidence that small amounts of beer (or chocolate) convey a long-term health benefit, whereas large quantities impose a delayed cost. Thus, we assume that virtue products can become vice products when consumption is above a certain threshold. Survey data identifies alcoholic beer as a product that gives immediate rewards and does not impose a delayed cost. Our analysis reveals a consumption threshold that supports our assumptions.

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Extrusion Based 3D Printing of Sustainable Biocomposites from Biocarbon and Poly(trimethylene terephthalate)

Molecules ◽

10.3390/molecules26144164 ◽

2021 ◽

Vol 26 (14) ◽

pp. 4164

Author(s):

Elizabeth Diederichs ◽

Maisyn Picard ◽

Boon Peng Chang ◽

Manjusri Misra ◽

Amar Mohanty

Keyword(s):

Mechanical Properties ◽

3D Printing ◽

Surface Finish ◽

Three Dimensional ◽

Morphological Properties ◽

Great Promise ◽

Structural Components ◽

Computer Aided ◽

Trimethylene Terephthalate ◽

Optimal Quantity

Three-dimensional (3D) printing manufactures intricate computer aided designs without time and resource spent for mold creation. The rapid growth of this industry has led to its extensive use in the automotive, biomedical, and electrical industries. In this work, biobased poly(trimethylene terephthalate) (PTT) blends were combined with pyrolyzed biomass to create sustainable and novel printing materials. The Miscanthus biocarbon (BC), generated from pyrolysis at 650 °C, was combined with an optimized PTT blend at 5 and 10 wt % to generate filaments for extrusion 3D printing. Samples were printed and analyzed according to their thermal, mechanical, and morphological properties. Although there were no significant differences seen in the mechanical properties between the two BC composites, the optimal quantity of BC was 5 wt % based upon dimensional stability, ease of printing, and surface finish. These printable materials show great promise for implementation into customizable, non-structural components in the electrical and automotive industries.

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Nonparametric Analysis of Time-Inconsistent Preferences

The Review of Economic Studies ◽

10.1093/restud/rdaa089 ◽

2021 ◽

Author(s):

Laura Blow ◽

Martin Browning ◽

Ian Crawford

Keyword(s):

Sufficient Conditions ◽

Revealed Preference ◽

Hyperbolic Discounting ◽

Time Preferences ◽

Hyperbolic Model ◽

Nonparametric Analysis ◽

Time Horizons ◽

Time Inconsistent ◽

Using Data ◽

Necessary And Sufficient

Abstract This paper provides a revealed preference characterisation of quasi-hyperbolic discounting which is designed to be applied to readily-available expenditure surveys. We describe necessary and sufficient conditions for the leading forms of the model and also study the consequences of the restrictions on preferences popularly used in empirical lifecycle consumption models. Using data from a household consumption panel dataset we explore the prevalence of time-inconsistent behaviour. The quasi-hyperbolic model provides a significantly more successful account of behaviour than the alternatives considered. We estimate the joint distribution of time preferences and the distribution of discount functions at various time horizons.

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