Articlegreen2023

Decreasing Impatience

Christopher P. Chambers · Federico Echenique · Alan D. Miller

5 citations0/0 files storedAmerican Economic Journal Microeconomics

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Decision-Making and Behavioral Economics Financial Literacy, Pension, Retirement Analysis Experimental Behavioral Economics Studies

Abstract

We characterize decreasing impatience, a common behavioral phenomenon in intertemporal choice. Discount factors that display decreasing impatience are characterized through a convexity axiom for investments at fixed interest rates. Then we show that they are equivalent to a geometric average of generalized quasi-hyperbolic discount rates. Finally, they emerge through parimutuel preference aggregation of exponential discount factors. (JEL D15, D61, D91)

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References

1950The Bargaining Problem 2002Time Discounting and Time Preference: A Critical Review 1997Golden Eggs and Hyperbolic Discounting 1999Doing It Now or Later 1955Cardinal Welfare, Individualistic Ethics, and Interpersonal Comparisons of Utility 1992Anomalies in Intertemporal Choice: Evidence and an Interpretation 1980Cardinal Welfare, Individualistic Ethics, and Interpersonal Comparisons of Utility 1998Why the Far-Distant Future Should Be Discounted at Its Lowest Possible Rate

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