This research project evaluates the extent of heterogeneity in time discounting among elderly Americans, as well as its …) intertemporal choices in which payments now are compared with payments in the future. This adds to the literature on time horizon … experiment, we show how differences in discounting patterns are associated with characteristics of particular importance in …

of the UK. The magnitude is inconsistent with exponential time preference, but compatible with quasi …-hyperbolic discounting. However, the hyperbolic model predicts that credit constraints drive the decline, and we find only mixed evidence in …

choice. These rates differ because of two countervailing effects: (1) the individual applies quasi-hyperbolic discounting to … necessarily hold if the government itself is formed by time-inconsistent individuals. …