We employ the convex time budget approach in a laboratory experiment to measure individual discount rates for time … discounting in favor of constant discount rates and because of the long time horizon, the average discount rate of 1.9% is much …

Most experimental evidence of hyperbolic discounting is based on violations of either stationarity or time consistency … reversals may however also result from time-varying discount rates. Hyperbolic discounting is an unambiguous explanation for … choice reversals only if individuals simultaneously violate both stationarity and time consistency. Our field experiment …

In accounting for the phenomenon of present bias, the hyperbolic discounting and quasi-hyperbolic discounting models … extended present bias hypothesis with distinct present and near term bias followed by exponential discounting into the future … have distinct predictions beyond today. We provide experimental evidence supporting diminishing rate of discounting beyond …

Most evidence of hyperbolic discounting is based on violations of either stationarity or time consistency as observed … discounting is a plausible explanation for choice reversals only if violations of stationarity and time consistency overlap. Our … field experiment examines the extent to which this is the case. At different points in time, the same participants allocated …

People’s value for their own time is a key input in evaluating public policies: evaluations should account for time … and self-serving bias. As a result, neither market wages nor standard valuation techniques (such as the Becker …-DeGroot-Marschak - BDM - mechanism of Becker et al., 1964) correctly measure participants' value of time. Using a structural model, we …

It has been argued that hyperbolic discounting of future gains and losses leads to time-inconsistent behavior and … future hyperbolically and make time-consistent decisions. This allows us to disentangle the role of discounting from the time … consistency issue. We show that hyperbolically discounting individuals, under a reasonable normalization, invest more in their …

It has been argued that hyperbolic discounting of future gains and losses leads to time-inconsistent behavior and … future hyperbolically and make time-consistent decisions. This allows us to disentangle the role of discounting from the time … consistency issue. We show that hyperbolically discounting individuals, under a reasonable normalization, invest more in their …

timing of bargaining rewards and bargaining costs will determine whether the players' present-bias will affect bargaining … will act in a time-consistent fashion. When time-inconsistent players incur immediate bargaining costs to produce delayed … whether they engage in repeated time-inconsistent bargaining. A naïve player who engages in time-inconsistent bargaining will …

We investigate whether the value of time (VOT) depends on when the corresponding preferences are measured: in advance …, just before, or after the time period for which the time preferences are being evaluated. We find that the VOT is highest … when elicited just before the time period. This is an indication of the VOT being affected by time-inconsistent, and more …