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An Extended Theory of Rational Addiction. (2015). Piccoli, Luca ; Perali, Federico ; Wangen, Knut R..
In: DEA Working Papers.
RePEc:ubi:deawps:69.

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  1. . 1987b. A Simple Dynamic General Equilibrium Model. Journal of Economic Theory 41:6895.
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  2. . 1994. An Empirical Analysis of Cigarette Addiction. American Economic Review 84:396418.
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  3. Bishai, M. D. 2004. Does Time Preference Change with Age? Journal of Population Economics 17:583602.

  4. Blanchard, O. and S. Fisher. 1989. Lectures on Macroeconomics. Cambridge: Harvard University Press.
    Paper not yet in RePEc: Add citation now

  5. Carroll, C. 2000. Saving and Growth with Habit Formation. American Economic Review 90 (3):341 355.

  6. Cass, D. 1965. Optimum Growth in an Aggregative Model of Capital Accumulation. The Review of Economic Studies 32 (3):233240.

  7. Cawley, John and Christopher J Ruhm. 2011. The Economics of Risky Health Behaviors. Handbook of health economics 2:9519.

  8. Chaloupka, F. J. 1991. Rational Addictiove Behaviour and Cigarette Smoking. Journal of Political Economy 99 (4):722742.

  9. Chavas, Jean-Paul. 2013. On the microeconomics of food and malnutrition under endogenous discounting. European Economic Review 59 (0):80 96.

  10. Deaton, A. S. 1992. Understanding Consumption. Oxford University Press.

  11. Dragone, Davide and Luca Savorelli. 2012. Thinness and obesity: A model of food consumption, health concerns, and social pressure. Journal of health economics 31 (1):243256.

  12. Dragone, Davide. 2009. A rational eating model of binges, diets and obesity. Journal of Health Economics 28 (4):799804.

  13. Fuchs, Victor R. 1982. Time preference and health: an exploratory study. Gorman, W. M. 1967. Tastes, Habits and Choices. International Economic Review 8:218222.

  14. Gruber, J. and B. Köszegi. 2001. Is Addiction rational? Theory and Evidence. Quarterly Journal of Economics 116 (4):12611303.

  15. Kennedy, J. G. 1987. The Flowers of Paradise. The Istitutionalized Use of the Drug Qat in North Yemen. Dordrecht: Reidel Publishing Company.
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  16. Laibson, D., A. Repetto, and J. Tobacman. 2005. Estimating Discount Functions with Consumption Choices over the Lifecycle. Forthcoming.

  17. Lawrance, E. C. 1991. Poverty and the Rate of Time Preference: Evidence from Panel Data. Journal of Political Economy 99:5477.

  18. Mancinelli, Rosanna, Mario Vitali, and Mauro Ceccanti. 2008. Women, alcohol and the environment: an update and perspectives in neuroscience. Functional neurology 24 (2):7781.
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  19. Obstfeld, M. 1990. Intertemporal Dependence, Impatience and Dynamics. Journal of Monetary Economics 26:4575.

  20. Pollak, R. A. 1970. Habit Formation and Dynamic Demand Functions. Journal of Political Economy 78:745763.

  21. Proof. Carroll. The multiplicative habits model by Carroll (2000) is characterized by a constant discount rate, such that θ(z) = θ, by an utility function which depends on the ratio between consumption of the addictive good c and the stock of habits z, so u(g, c, z) = u(c, z), and by an adaptive habits formation process. Even though the author explicitly sets up a CES like utility function from the beginning and uses a capital investment equation rather than a wealth equation, the following program max Z ∞ u(c(t), z(t))e−θt dt s.t. ˙ a = ra − c, ˙ z = λ(c − z), can be considered equivalent to Carroll (2000, page 7, equations (4) and(5)).
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  22. Proof. Epstein and Shi. The ERA model reduces to the endogenous discounting model with habits proposed by Epstein and Shi (1993) by setting u(g, c, z) = u(c) and assuming an adaptive habits accumulation process. Under these restrictions, the consumer maximization problem is max Z ∞ u(c(t))e− R t θ(z(τ))dτ dt s.t. ˙ a = ra − c, ˙ z = λ(c − z), which corresponds to Epstein and Shi (1993, page 63 equation (2.1)).
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  23. Proof. Uzawa and Obstfeld. The model proposed by Uzawa (1968) and Obstfeld (1990) is obtained by assuming that the utility function depends only on consumption of a non-addictive good, i.e. u(g, c, z) = u(g), and that the endogenous discount rate depends on current consumption of the non-addictive good.
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  24. Romer, P. 1986. Cake Eating, Chattering and Jumps: Existence Results for Vaiational Problems. Econometrica 54:897908.

  25. Ryder, H. E. and G. M. Heal. 1973. Optimum Growth with Intertemporally Dependent Preferences. Review of Economic Studies 40:133.
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  26. Stein, J., M. Bentler, and M. Newcome. 1988. Structure of Drug Use Behaviour and Consequences Among Young Adults: Multitrait-Multimethod Assesment of Frequency, Quantity, Work Site, and Problem Substance Use. Journal of Applied Psychology 73 (4):595605.
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  27. Strotz, R. H. 1956. Myopia and Inconsistency in Dynamic Utility Maximization. The Review of Economic Studies 23 (3):165180.
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  28. This would be equivalent to set θ(z(t)) = θ(g(t)). The maximization program, taking into account that the habits accumulation equation must not be considered, becomes max Z ∞ u(g(t))e− R t θ(g(τ))dτ dt s.t. ˙ a = ra − c, which correspond to Obstfeld (1990, pag 14, equations (20) and (21)).
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  29. Uzawa, H. 1968. Time Preference, the Consumption Function, and Optimal Asset Holdings. In Value, Capital and Growth: Papers in Honour of Sir John Hicks, edited by J. N. Wolfe. Edimburg University Press, 485504. A Proofs Here we present a sketch of the proof that the ERA model is encompassing with respect to the models listed in the introduction. We show how imposing restrictions on the parameters or on the utility function the proposed model reduces to each of those models. We start specifying the representative consumer optimization problem for the ERA model, i.e. max Z ∞ u(g(t), c(t), z(t))e− R t θ(z(τ))dτ dt s.t. ˙ a = ra − g − pc, ˙ z = c − σz. This specication is dierent from (3) in two things: the utility function that here is not divided intro the non-addictive and addictive parts, and the discount rate, which, as shown in footnote 14, is perfectly equivalent to the alternative specication.
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  5. Differential methylation in CD44 and SEC23A is associated with time preference in older individuals. (2023). Kee, Frank ; McGuinness, Bernadette ; Young, Ian ; Tang, Jianjun ; Cruise, Sharon M ; Smyth, Laura J ; McKnight, Amy Jayne.
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  7. .

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