The main objective in this article is to shed new light on the term structure of subjective time preference rates using a conditional Consumption Capital Asset Pricing Model. Following Samuelson's (1937)'s suggestion, we analyze the concept of “time consistency”. More precisely, we challenge...

The discounted utility theory is one of the corner stone of financial theory; particularly in inter-temporal asset pricing and portfolio management. The questioning of this theory has opened a whole field of research in psychology, economics and management and has undergone several enhancements...