2022-09-132022-09-132022-09-13https://repositorio.redinvestigadores.org/handle/Riec/119We use a three-period model adopting a recursive definition of consumption to explore the optimal delegation that a present self, aware that her near-future self is present-biased but better informed, will make to protect her far-future self against income shocks. The model captures the present self's trade-off between using commitment mechanisms, restricting the near-future self's agency through illiquid savings, and profiting from the near-future self's better information about future shocks. Our main result states that agents with higher risk aversion can cover better against utility losses from time-inconsistent consumption through the commitment mechanism. Given the evidence of women being more risk-averse than men, this result provides the micro-foundation for the gender gap in adopting financial commitment devices, especially among single individuals.27 páginasPDFengOpen AccessWorking paperD11 - Consumer Economics: TheoryD81 - Criteria for Decision-Making under Risk and UncertaintyD90 - Micro-Based Behavioral Economics: GeneralG40 - Behavioral Finance: Generalcommitment devicesdynamic inconsistencyEpstein-Zin preferencespresent bias<LEMB>Acceso abiertoAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0