robust violations of discounted expected utility, inconsistent with both prospect theory probability weighting and models …Risk and time are intertwined. The present is known while the future is inherently risky. Discounted expected utility …

utility functions. Our main result is to show that in a multiagent economy, the problem of determining efficient allocations … extending to a stochastic environment Geoffard's (1996) concept of variational utility and his result that variational utility … is equivalent to recursive utility, and then using these results to characterize allocations in a multiagent setting …

, yielding 14,570 decisions. Both the conditional fixed effect logit estimates of the random utility model and mixed logit … thereafter, which is inconsistent with exponential discounting but consistent with hyperbolic discounting. The implied marginal … rate of time preference declines and then rises. Estimates of the quasi-hyperbolic discounting parameter range from 0.48 to …

Is the standard hyperbolic-discounting model capable of robust qualitative predictions for savings behavior? Despite …

and combining those signals with priors to form posteriors. These posterior expectations exhibit as-if discounting: agents … forecasting (e.g., those with more intelligence) exhibit less discounting. Agents with more domain-relevant experience exhibit … less discounting. Older agents exhibit less discounting (except those with cognitive decline). Agents who are encouraged to …

with minimal assumptions. We present a general theorem that characterizes the set of discount functions and utility indices … compatible with any 'regular' preference. We provide conditions to test for separable discounted utility (SDU). We elicit … magnitude-dependent discounting with time distortion …

-of-sample, cross-validated comparison of intertemporal choice models. Heuristic models outperform traditional utility discounting …. We conclude that heuristic models explain time-money tradeoff choices in experiments better than utility discounting …, which can account for many of the known intertemporal choice anomalies, to discounting models. We conduct an out …

of the fungibility principle, excess discounting of future income, and large risk aversion. Methodologically, I develop a …