Axiomatization and Measurement of Quasi-Hyperbolic Discounting *
نویسندگان
چکیده
منابع مشابه
Axiomatization and Measurement of Quasi-hyperbolic Discounting*
This article provides an axiomatic characterization of quasi-hyperbolic discounting and a more general class of semi-hyperbolic preferences. We impose consistency restrictions directly on the intertemporal trade-offs by relying on what we call ‘‘annuity compensations.’’ Our axiomatization leads naturally to an experimental design that disentangles discounting from the elasticity of intertempora...
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This paper provides a novel axiomatization of quasi-hyperbolic discounting, which imposes consistency restrictions directly on the intertemporal tradeoffs. The experimental design proposed in this paper will be useful for experimental work since it renders the short-run discount factor elicitation independent of the utility function. This makes comparisons of impatience across a spectrum of dif...
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Article history: Received 28 January 2008 Available online xxxx JEL classification: C91 D03 D90 In this paper we elicit preferences for money–time pairs via experimental techniques. We estimate a general specification of discounting that nests exponential and hyperbolic discounting, as well as various forms of present bias, including quasi-hyperbolic discounting. We find that discount rates are...
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People make intertemporal choices, decisions regarding costs and benefits at different points in time, as a matter of routine. Such choices range from mundane decisions, like when to set one’s alarm clock, to critical decisions, like whether or not to invest in retirement plans or health insurance. Beyond individuals’ decisions, nations must also make intertemporal choices when charting courses...
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ژورنال
عنوان ژورنال: The Quarterly Journal of Economics
سال: 2014
ISSN: 0033-5533,1531-4650
DOI: 10.1093/qje/qju017