Experiments on intertemporal choice have found "preference reversals" and related anomalies. These robust findings have been considered a major source of support for the quasi-hyperbolic discounting model of consumption preference. Our analysis clarifies the relationship between the experimental...

Experimental choices between delayed rewards are claimed to provide support for a model of preferences referred to variously as "quasi-hyperbolic," "hyperbolic," and "‚-‰." This paper shows that the experimental results do not differentiate quasi-hyperbolic discounting from exponential...