ESTIMATING THE RATE OF TIME PREFERENCE FOR IRAN: A RECURSIVE ALGORITHM

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ESLAMLOUEYAN KARIM; OSTADZAD ALI HOSSEIN

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Journal: Journal of Economic Research Year:2014 | Volume:49 | Issue:2 Page(s): 267-294

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Information Journal Paper

Title

ESTIMATING THE RATE OF TIME PREFERENCE FOR IRAN: A RECURSIVE ALGORITHM

Author(s)

ESLAMLOUEYAN KARIM | OSTADZAD ALI HOSSEIN | Issue Writer Certificate

Keywords

ALGORITHM GENETICQ2

IRANQ2

LIFE EXPECTANCYQ2

RATE OF TIME PREFERENCEQ2

SAVINGQ2

Abstract

The RATE OF TIME PREFERENCE plays an important role in discounting instantaneous utility in economic growth models and also in calculating social discount rate in cost-benefit analysis. In empirical researchers, this rate is assumed to be constant. However, the RATE OF TIME PREFERENCE might vary over time. This paper develops a new algorithm to estimate this rate as a varied coefficient for the IRANian economy over the period 1965-2010. In our algorithm, we use a recursive method to estimate the initial values for the RATE OF TIME PREFERENCE as a function of consumption. Given the effect of the RATE OF TIME PREFERENCE on SAVING, and knowing their initial values, we use a filtering method to estimate these rates as a function of LIFE EXPECTANCY. The average value of time preference rate over the period under consideration is 2.38 percent. This rate is found to be higher during the period of economic uncertainties such as IRAN-Iraq imposed war. However, the rate is decreasing after the end of war.

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APA: Copy

ESLAMLOUEYAN, KARIM, & OSTADZAD, ALI HOSSEIN. (2014). ESTIMATING THE RATE OF TIME PREFERENCE FOR IRAN: A RECURSIVE ALGORITHM. TAHGHIGHAT-E-EGHTESADI, 49(2), 267-294. SID. https://sid.ir/paper/11905/en

Vancouver: Copy

ESLAMLOUEYAN KARIM, OSTADZAD ALI HOSSEIN. ESTIMATING THE RATE OF TIME PREFERENCE FOR IRAN: A RECURSIVE ALGORITHM. TAHGHIGHAT-E-EGHTESADI[Internet]. 2014;49(2):267-294. Available from: https://sid.ir/paper/11905/en

IEEE: Copy

KARIM ESLAMLOUEYAN, and ALI HOSSEIN OSTADZAD, “ESTIMATING THE RATE OF TIME PREFERENCE FOR IRAN: A RECURSIVE ALGORITHM,” TAHGHIGHAT-E-EGHTESADI, vol. 49, no. 2, pp. 267–294, 2014, [Online]. Available: https://sid.ir/paper/11905/en

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