Pleeter, Saul; Warner, John T. - In: American Economic Review 91 (2001) 1, pp. 33-53
The military drawdown program of the early 1990s provides an opportunity to obtain estimates of personal discount rates based on large numbers of people making real choices involving large sums. The program offered over 65,000 separatees the choice between an annuity and a lump-sum payment....