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preferences) with preferences toward the risk of when something may happen (time or delay risk preferences). Just as choices over … monetary risks identify utility independently from discounting, choices over uncertain delays of a fixed reward identify … discounting independently from utility. We replicate the widespread finding of outcome risk aversion, but — in a perfectly …
Persistent link: https://www.econbiz.de/10012908536
This methodological survey reviews recent developments in the design of experiments to elicit individuals' time … preferences, with a focus on the measurement or control for potentially non-linear utility. While the objective of a time … assume an equivalence between utility under risk and over time, and whether they result in an estimate of the curvature of …
Persistent link: https://www.econbiz.de/10011458093
In accounting for the phenomenon of present bias, the hyperbolic discounting and quasi-hyperbolic discounting models … have distinct predictions beyond today. We provide experimental evidence supporting diminishing rate of discounting beyond … extended present bias hypothesis with distinct present and near term bias followed by exponential discounting into the future …
Persistent link: https://www.econbiz.de/10014186935
uncertainty by a measure of confidence. Special cases of the model comprise discounting under smooth ambiguity aversion as well as … discounting under a disentanglement of risk aversion from aversion to intertemporal substitution. The paper characterizes the … of the Ramsey discounting formula that takes into account confidence into future growth estimates and a measure of …
Persistent link: https://www.econbiz.de/10014157605
model that does not violate temporal dominance, is monotone in time preference parameters (e.g., a discount factor) and …
Persistent link: https://www.econbiz.de/10014134808
time and risk attitudes. It is shown that Loewenstein-Prelec's generalized hyperbolic temporal discount function … laws of time-perception …
Persistent link: https://www.econbiz.de/10013087110
-term. We obtain a model with two independent discount factors, which is flexible enough to capture different time preferences … models of dynamic inconsistency (such as quasi-hyperbolic discounting and generalized hyperbolic discounting). The proposed …
Persistent link: https://www.econbiz.de/10013078264
arithmetic discounting are all highly multicolinear in commonly used research designs. This confounding means that if one model …
Persistent link: https://www.econbiz.de/10013141127
-hyperbolic and generalized hyperbolic discounting): a) time preferences are continuous; b) utility does not increase when a larger …/exponential discounting) when utility function is linear. DIU has several advantages over discounted utility (and its generalizations — quasi … payoff is split into two smaller payoffs, one of which is slightly delayed in time; c) utility is not separable across time …
Persistent link: https://www.econbiz.de/10013054440
these, I argue that hyperbolic discounting is a particular type of dynamically inconsistent time preferences, whereas self …Hyperbolic discounting and lack of self-control are different phenomena that share the property of dynamic …
Persistent link: https://www.econbiz.de/10012910183