Results 1 - 10 of 302

Golden Eggs and Hyperbolic Discounting

by David Laibson - Quarterly Journal of Economics , 1997
"... Hyperbolic discount functions induce dynamically inconsistent preferences, implying a motive for consumers to constrain their own future choices. This paper analyzes the decisions of a hyperbolic consumer who has access to an imperfect commitment technology: an illiquid asset whose sale must be init ..."
Abstract - Cited by 433 (14 self) - Add to MetaCart
Hyperbolic discount functions induce dynamically inconsistent preferences, implying a motive for consumers to constrain their own future choices. This paper analyzes the decisions of a hyperbolic consumer who has access to an imperfect commitment technology: an illiquid asset whose sale must

Stochastic Games with Hyperbolic Discounting

by Ronald Peeters , 2004
"... In this paper the hyperbolic discounted reward criterion is introduced for stochas-tic games. For different levels of sophistication an individual may have existence of a particular type of optimal strategy in a Markov decision problems is shown. Next, a particular type of equilibrium for hyperbolic ..."
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In this paper the hyperbolic discounted reward criterion is introduced for stochas-tic games. For different levels of sophistication an individual may have existence of a particular type of optimal strategy in a Markov decision problems is shown. Next, a particular type of equilibrium

Global Warming and Hyperbolic Discounting

by Larry Karp - in press), ‘Group Polarization in the Team Dictator Game Reconsidered’, Experimental Economics , 2005
"... The use of a constant discount rate to study long-lived environmental problems such as global warming has two disadvantages: the prescribed policy is sensitive to the discount rate, and with moderate discount rates, large future damages have almost no effect on current decisions. Time-consistent qua ..."
Abstract - Cited by 41 (14 self) - Add to MetaCart
-consistent quasi-hyperbolic discounting alleviates both of these modeling problems, and is a plausible description of how people think about the future. We analyze the time-consistent Markov Perfect equilibrium in a general model with a stock pollutant. The solution to the linear-quadratic specialization

Hyperbolic discounting and the Phillips curve

by Liam Graham, Dennis J. Snower - JOURNAL OF MONEY, CREDIT AND BANKING , 2007
"... Using a standard dynamic general equilibrium model, we show that the interaction of staggered nominal contracts with hyperbolic discounting leads to inflation having significant long-run effects on real variables. ..."
Abstract - Cited by 11 (4 self) - Add to MetaCart
Using a standard dynamic general equilibrium model, we show that the interaction of staggered nominal contracts with hyperbolic discounting leads to inflation having significant long-run effects on real variables.

Economics and Psychology”?: The Case of Hyperbolic Discounting

by Ariel Rubinstein - Forthcoming, International Economic Review , 2003
"... The article questions the methodology of “economics and psychology ” in its focus on the case of hyperbolic discounting. Using some experimental results, I argue that the same type of evidence, which rejects the standard constant discount utility functions, can just as easily reject hyperbolic disco ..."
Abstract - Cited by 127 (2 self) - Add to MetaCart
The article questions the methodology of “economics and psychology ” in its focus on the case of hyperbolic discounting. Using some experimental results, I argue that the same type of evidence, which rejects the standard constant discount utility functions, can just as easily reject hyperbolic

Hyperbolic Discounting: An Experimental Analysis

by Jess Benhabib, Alberto Bisin, Andrew Schotter , 2004
"... In this paper we elicit preferences for discounting via experimental techniques. We then estimate a general specification of discounting that nests exponential and hyperbolic discounting, as well as various forms of present bias, including quasi-hyperbolic discounting. The data strongly favor a spec ..."
Abstract - Cited by 7 (1 self) - Add to MetaCart
In this paper we elicit preferences for discounting via experimental techniques. We then estimate a general specification of discounting that nests exponential and hyperbolic discounting, as well as various forms of present bias, including quasi-hyperbolic discounting. The data strongly favor a

Uncertainty and hyperbolic discounting

by Partha Dasgupta, Eric Maskin , 2005
"... † This paper was previously entitled “Uncertainty, Waiting Costs, and Hyperbolic Discounting.” We propose an evolutionary explanation for the pattern of intertemporal preference reversals often ascribed to “hyperbolic discounting. ” We take the view that preferences— manifested, for example, in urg ..."
Abstract - Cited by 34 (0 self) - Add to MetaCart
† This paper was previously entitled “Uncertainty, Waiting Costs, and Hyperbolic Discounting.” We propose an evolutionary explanation for the pattern of intertemporal preference reversals often ascribed to “hyperbolic discounting. ” We take the view that preferences— manifested, for example

Hyperbolic Discounting in Search Equilibrium

by Espen R. Moen, Åsa Rosén , 2005
"... We ananlyze general equilibrium e¤ects of hyperbolic discounting among unemployed workers in search equilibrium. We show that hy-perbolic discounting changes the workerstrade-o¤between high wages and a high exit rate from unemployment, thus inuencing the behavior of rms. More speci…cally, … rms 1) i ..."
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We ananlyze general equilibrium e¤ects of hyperbolic discounting among unemployed workers in search equilibrium. We show that hy-perbolic discounting changes the workerstrade-o¤between high wages and a high exit rate from unemployment, thus inuencing the behavior of rms. More speci…cally, … rms 1

Intertemporal Substitution and Hyperbolic Discounting ∗

by Petra M. Geraats, George Akerlof, David Bowman, Jon Faust, Chris Harris, Maury Obstfeld, Matthew Rabin, Paul Ruud , 2006
"... Evidence from behavioral experiments suggests that intertemporal preferences reflect hyperbolic rather than exponential discounting. This paper shows that consumers tend to have a lower elasticity of intertemporal substitution under hyperbolic discounting. Furthermore, in contrast to the standard ca ..."
Abstract - Cited by 2 (0 self) - Add to MetaCart
Evidence from behavioral experiments suggests that intertemporal preferences reflect hyperbolic rather than exponential discounting. This paper shows that consumers tend to have a lower elasticity of intertemporal substitution under hyperbolic discounting. Furthermore, in contrast to the standard

Hyperbolic Discounting Functions

by David I. Laibson, Richard Zeckhauser, David I. Laibson - Undersaving, and Savings Policy,” NBER Working Paper 5635 , 1996
"... and the Alfred P. Sloan Foundation. I am grateful to Joshua S, White for excellent research ..."
Abstract - Cited by 36 (1 self) - Add to MetaCart
and the Alfred P. Sloan Foundation. I am grateful to Joshua S, White for excellent research
Results 1 - 10 of 302