Is it "Economics and Psychology"?: the Case of Hyperbolic Discounting

Abstract

The paper questions the methodology of economics and psychology. It focuses on the case of hyperbolic discounting. Using some experimental results, I argue that the same sort of evidence which rejects the standard constant discount utility functions can just as easily reject hyperbolic discounting as well. Futhermore, a decision-making procedure based on similarity relation better explains the observations and is more intuitive. The paper concludes that combining economics and psychology requires opening the black box of decision-makers rather than modifying funcional forms.

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