The observation of declining discount rates in experimental settings has led many to promote hyperbolic discounting … over standard exponential discounting as the preferred descriptive model of intertemporal choice. I develop a new framework … likelihood estimates of discounting parameters. I apply this estimation method to a stated-preference survey of river basin …

neuroeconomics. Several models have been proposed for intertemporal choice: exponential discounting, general hyperbolic discounting … (exponential discounting with logarithmic time perception of the Weber–Fechner law, a q-exponential discount model based on Tsallis …’s statistics), simple hyperbolic discounting, and Stevens’ power law–exponential discounting (exponential discounting with Stevens …