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...

General intelligence requires open-ended exploratory learning. The principle of compression progress proposes that agents should derive intrinsic reward from maximizing “interestingness”, the first derivative of compression progress over the agent’s history. Schmidhuber posits that such a drive can explain “essential aspects of ... curiosity, creativity, art, science, music, [and] jokes”, imply...

We estimate a dynamic structural model of sales force response to a bonus based compensation plan. The paper has two main methodological innovations: First, we implement empirically the method proposed by Arcidiacono and Miller (2011) to accommodate unobserved latent class heterogeneity with a computationally light two-step estimator. Second, we estimate discount factors in a dynamic structural...

This paper considers four patterns of intertemporal choice. First, the time effect, an inverse relation between time preference (TP) and the time implied in the choice. Secondly, the magnitude effect, an inverse relation between TP and the amount implied in the choice. Thirdly, delay/speed-up asymmetry, that is to say, a change in the preferences in function of the framing of the choices. Fourt...