is compared with hyperbolic discounting within a standard life-cycle setting of consumption and savings. We show …-equation from the hyperbolic discounting model with an additional adjustment factor. In the numerical section it is shown that the … not possible with a hyperbolic discounting model. …

. Yet, economic theory predicts that the scope for punishment as acting as a deterrent depends on how much individuals …

show that the assumption of positive discounting is not always true. The presented experimental study shows how a decrease … in probability increases the chances of negative discounting. According to the results, the expected large, uncertain … in the frequency of negative discounting due to increased uncertainty. The results of the study broaden the existing …