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Money Earlier or Later? Simple Heuristics Explain Intertemporal Choices Better than Delay Discounting

Ericson, Keith M. Marzilli - 2015

, which can account for many of the known intertemporal choice anomalies, to discounting models. We conduct an out …-of-sample, cross-validated comparison of intertemporal choice models. Heuristic models outperform traditional utility discounting … models, including models of exponential and hyperbolic discounting. The best performing models predict choices by using a …

Persistent link: https://www.econbiz.de/10013028066

Delay Functions as the Foundation of Time Preference : Testing for Separable Discounted Utility

Ericson, Keith M. Marzilli - 2015

magnitude-dependent discounting with time distortion …

Persistent link: https://www.econbiz.de/10013024161

How Developmental Neuroscience Can Help Address the Problem of Child Poverty

Pollak, Seth; Wolfe, Barbara - 2022

field has been the application of neuroscience-based methods. Various techniques including neuroimaging, neuroendocrinology … affect infant brain development. We discuss whether there are truly worthwhile reasons for adding neuroscience and related …

Persistent link: https://www.econbiz.de/10013322343

Policymaking for Posterity

Summers, Lawrence H. - 2010

Policymaking for posterity involves current decisions with distant consequences. Contrary to conventional prescriptions, we conclude that the greater wealth of future generations may strengthen the case for preserving environmental amenities; lower discount rates should be applied to the far...

Persistent link: https://www.econbiz.de/10012758343

Individual Laboratory-Measured Discount Rates Predict Field Behavior

Chabris, Christopher F. - 2010

We estimate discount rates of 555 subjects using a laboratory task and find that these individual discount rates predict inter-individual variation in field behaviors (e.g., exercise, BMI, smoking). The correlation between the discount rate and each field behavior is small: none exceeds 0.28 and...

Persistent link: https://www.econbiz.de/10012758495

What Has Financed Government Debt?

Chung, Hess - 2010

Dynamic rational expectations models imply that the real value of debt in the hands of the public must be equal to the expected present-value of surpluses. We impose this equilibrium condition on an identified VAR and characterize the way in which the present-value support of debt varies across...

Persistent link: https://www.econbiz.de/10012759807

Financial Integration : A New Methodology and an Illustration

Flood, Robert P. - 2010

This paper develops a simple new methodology to test for asset integration and applies it within and between American stock markets. Our technique is tightly based on a general intertemporal asset-pricing model, and relies on estimating and comparing expected risk-free rates across assets....

Persistent link: https://www.econbiz.de/10012762798

Cointegration and Tests of Present Value Models

Campbell, John Y. - 2010

In a model where a variable Y[sub t] is proportional to the present value, with constant discount rate, of expected future values of a variable y[sub t] the quot;spreadquot; S[sub t]= Y[sub t] - [theta sub t] will be stationary for some [theta] whether or not y[sub t]must be differenced to...

Persistent link: https://www.econbiz.de/10012763269

Asset Pricing at the Millennium

Campbell, John Y. - 2010

This paper surveys the field of asset pricing. The emphasis is on the interplay between theory and empirical work, and on the tradeoff between risk and return. Modern research seeks to understand the behavior of the stochastic discount factor (SDF) that prices all assets in the economy. The...

Persistent link: https://www.econbiz.de/10012763342

The Dividend-Price Ratio and Expectations of Future Dividends and Discount Factors

Campbell, John Y. - 2010

A linearization of a rational expectations present value model for corporate stock prices produces a simple relation between the log dividend-price ratio and mathematical expectations of future log real dividend changes and future real discount rates. This relation can be tested using vector...

Persistent link: https://www.econbiz.de/10012763389

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