What can contracts—traded and priced in a competitive market and featuring a pre-specified system of future payments—teach us about time preferences and present bias? We first show that identification of present bias requires assumptions on the felicity function and that agents must have credit constraints on consumption expenditure. Moreover, when there is heterogeneity in present bias, identification requires that agents with the same present bias parameter buy houses with different contracts. We illustrate our findings with observational land-lease-contract data from Amsterdam.

中文翻译：

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通过土地租赁合同数据识别当前的偏见和时间偏好

在竞争激烈的市场上以预先指定的未来支付系统进行交易和定价的合同，可以教给我们什么时间偏好和当前偏见？我们首先表明，当前偏见的确定需要对幸福度函数的假设，而代理商必须对消费支出具有信用约束。此外，当当前偏差存在异质性时，识别要求具有相同当前偏差参数的代理商购买具有不同合同的房屋​​。我们用阿姆斯特丹的土地租赁合同观测数据说明了我们的发现。