Gigliotti, Gary; Sopher, Barry; Klein, Roger - Department of Economics, Rutgers University-New Brunswick - 1998
We propose and analyze a generalization of present value maximization, "order dependent present value (ODPV)," for intertemporal income choice. The model is analagous to the rank dependent expected utility model (RDEU) for choice under risk. The main feature of interest in the model is the...