(except for the special case of logarithmic utility) a model with hyperbolic discounting is not observationally equivalent to …: hyperbolic discounting and short planning horizons. We show that, in contrast to the commonly accepted argument, in general … one with exponential discounting. We also show that our framework implies a hump-shaped saving rate dynamics that is …

exhibits a rising or non-monotonic pattern. In important cases, hyperbolic discounting, which is empirically strongly supported … model with Cobb-Douglas production technology. We also identify the cases where hyperbolic discounting is observationally … equivalent to exponential discounting. In those cases, hyperbolic discounting does not affect the saving rate dynamics. Numerical …