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1、Econometrica,Vol.78,No.6(November,2010),20632084TEMPTATIONANDTAXATIONBYPERKRUSELL,BURHANETTINKURU¸SÇU,ANDANTHONYA.SMITH,JR.1Westudyoptimaltaxationwhenconsumershavetemptationandself-controlprob-lems.EmbeddingtheclassofpreferencesdevelopedbyGulandPesendorferintoastandardmacroeconomicsetting,
2、wefirstprove,inatwo-periodmodel,thattheop-timalpolicyistosubsidizesavingswhenconsumersaretemptedbyexcessiveimpa-tience.Thesavingssubsidyimproveswelfarebecauseitmakessuccumbingtotempta-tionlessattractive.Wethenstudyaneconomywithalongbutfinitehorizonwhichnests,asaspecialcase,thePhelpsPollakLai
3、bsonmultiple-selvesmodel(therebyprovidingguidanceonhowtoevaluatewelfareinthismodel).Weprovethatwhenperiodutilityislogarithmic,theoptimalsavingssubsidiesincreaseovertimeforanyfinitehorizon.Moreover,asthehorizongrowslarge,theoptimalpolicyprescribesaconstantsubsidy,incontrasttothewellknownCham
4、leyJuddresult.KEYWORDS:Temptation,self-control,consumption-savings,optimaltaxation.1.INTRODUCTIONEXPERIMENTALANDINTROSPECTIVEEVIDENCEsuggestthatconsumersex-hibitpreferencereversalsastimepasses.Suchevidencehasledtothedevel-opmentofmodelsinwhichconsumershavetime-inconsistentpreferences(seeLa
5、ibson(1997),whobuiltonearlierworkbyStrotz(1956)andPhelpsandPol-lak(1968)).Inmodelswithtime-inconsistentpreferences,asequenceoftheconsumersdifferentselves,eachvaluingconsumptionstreamsinauniqueway,playsadynamicgame.Inthisgameofconflictacrossselves,onecande-fineParetofrontiersamongselvesanddis
6、cussnon-cooperativeequilibriaofthedynamicgamerelativetothisfrontier.Consequently,policyproposalsbyanoutsideauthority,suchasthegovernment,donot,ingeneral,leadtoun-ambiguousrecommendationswithoutdecidinghowtoassignwelfareweightstothedifferentselves.Incontrast,GulandPesendorfer(2001,2004,2005
7、)developedanalter-native,axiomatic,approachtomodelingpreferencereversals.Thisapproachdoesnotnecessitatesplittinguptheconsumerintomultipleselves.Toad-dressreversals,GulandPesendorferformalizedtheideasoftemptationandself-control:theydefinedpreferencesoverconsumpt
