This paper analyzes the impact of (quasi-) hyperbolic discounting on timing and numbers of births. Using a simple three period model it shows that without the ability to save and borrow hyperbolic discounters postpone births and give birth to less children than previously intended. In the presence of a (perfect) capital market additional qualifications are required to obtain similar results. In...

We propose that a simple "dual-self" model gives a unified explanation for several empirical regularities, including the apparent time inconsistency that has motivated models of quasi-hyperbolic discounting and Rabin’s paradox of risk aversion in the large and small. The model also implies that self-control costs imply excess delay, as in the O'Donoghue and Rabin models of quasi-hyperbolic util...

Abstract Under the presupposition that human time perception is distorted in intertemporal choice, this study constructs a scale framework of axiomatic measurement. First, conditions (homogeneity degree one or two) to identify form are proposed so can determine whether hyperbolic exponential more suitable function for modeling people’s discounting. Homogeneity implies subjective delay measured ...

This study describes delay and probability discounting patterns for hypothetical food and money in relation to percent body fat (PBF). Sixty university students completed four computerized discounting tasks in which they were asked to make a series of hypothetical decisions between (a) 10 dollars after one of several different delays (1, 2, 30, 180, and 365 days) or a smaller amount of money av...

The effort required to obtain a rewarding outcome is an important factor in decision-making. Describing the reward devaluation by increasing effort intensity is substantial to understanding human preferences, because every action and choice that we make is in itself effortful. To investigate how reward valuation is affected by physical and cognitive effort, we compared mathematical discounting ...

Previously, we (McKerchar et al., 2009) showed that two-parameter hyperboloid models (Green and Myerson, 2004; Rachlin, 2006) provide significantly better fits to delay discounting data than simple, one-parameter hyperbolic and exponential models. Here, we extend this effort by comparing fits of the two-parameter hyperboloid models to data from a larger sample of participants (N=171) who discou...

Time-stable personality traits, such as impulsivity and its relationship with functional and structural brain alterations, have gained much attention in the recent literature. Evidence from functional neuroimaging data implies an association between impulsivity and cortical as well as subcortical areas of the reward system. Discounting future rewards during impulsive decisions can be related to...

We prove existence of time consistent equilibria in a class dynamic models with recursive payoffs and generalized discounting involving both behavioral normative applications. Our Bellman equation method identifies separates both: strategic aspects the equilibrium problem allows to determine sufficient assumptions on preferences stochastic transition establish existence. In particular we show m...