Time Discounting and Time Preference: A Critical Review
نویسنده
چکیده
Acknowledgements: We thank John McMillan, David Laibson, Colin Camerer, Nachum Sicherman, Duncan Simester, and three anonymous referees for useful comments. We thank Cara Barber, Rosa Blackwood, Mandar Oak, and Rosa Stipanovic for research assistance. For financial support, Frederick and Loewenstein thank the Integrated Study of the Human Dimensions of Global Change at Carnegie Mellon University (NSF Grant SBR9521914), and O’Donoghue thanks the National Science Foundation (Award SES-0078796).
منابع مشابه
Time Preference and its Effects on Intertemporal
Time preference has a peculiar role in determining the level of economic activities. Time preferenceis the most important origin of interest rate. In this paper we study the founders and defenders'viewpoints about time preference and then we try to criticize them. It seems that discounting futureutilities is resulting from irrationality and it is ethically indefensible too. From mathematical as...
متن کاملEconomic Order Quantity for Deteriorating Items with Non Decreasing Demand and Shortages Under Inflation and Time Discounting
Some products like green vegetables, volatile liquids and others deteriorate continuously due to evaporation, spoilage etc. In this study, an inventory model is developed for deteriorating items with linearly time dependent demand rate under inflation and time discounting over a finite planning horizon. Shortages are allowed and linearly time dependent. Mathematical model is presented for the p...
متن کاملA new study of an EOQ model for deteriorating items with shortages under inflation and time discounting
We discuss the effects of inflation and time discounting on an EOQ model for deteriorating items under stock-dependent demand and time-dependent partial backlogging. The inventory model is studied under the replenishment policy starting with no shortages. We then use MATLAB to find the optimal replenishment policies. The objective of this model is to maximize the total profit (TP) which inclu...
متن کاملA theory of (relative) discounting
We derive a representation theorem for time preferences (on the prize-time space) which identifies a novel notion of relative discounting as the key ingredient. This representation covers a variety of time preference models, including the standard exponential and hyperbolic discounting models and certain nontransitive time preferences, such as the similarity-based and subadditive discounting mo...
متن کاملTime preference, time discounting, and smoking decisions.
This study examines the relationship between time discounting, other sources of time preference, and choices about smoking. Using a survey fielded for our analysis, we elicit rates of time discount from choices in financial and health domains. We also examine the relationship between other determinants of time preference and smoking status. We find very high rates of time discount in the financ...
متن کامل