economically efficient extraction paths - is tested empirically with a novel panel data set from global fisheries. Exploiting the …

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 …

magnitude-dependent discounting with time distortion …

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

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 …

, 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 …

robust violations of discounted expected utility, inconsistent with both prospect theory probability weighting and models …