Continuous quasi-hyperbolic discounting
| Autor: | Craig S. Webb |
|---|---|
| Rok vydání: | 2016 |
| Předmět: |
Economics and Econometrics
Discounting Applied Mathematics Quasi-hyperbolic discounting 05 social sciences Context (language use) Hyperbolic discounting Exponential discounting Present bias Intertemporal choice Time consistency 0502 economics and business Economics Dynamic inconsistency 050207 economics Mathematical economics Preference (economics) 050205 econometrics |
| Zdroj: | Webb, C 2016, ' Continuous quasi-hyperbolic discounting ', Journal of Mathematical Economics, vol. 64, pp. 99-106 . https://doi.org/10.1016/j.jmateco.2016.04.001 |
| ISSN: | 0304-4068 |
| DOI: | 10.1016/j.jmateco.2016.04.001 |
| Popis: | This paper studies intertemporal choice in a dynamic framework with continuous time. A model called continuous quasi-hyperbolic discounting is considered, extending the popular quasi-hyperbolic discounting to an integral form. Dynamic preference axioms, time consistency and time invariance, are formulated and used to provide a foundation for an integral form of exponential discounting; the central model of dynamic, intertemporal choice in economics. A relaxation of the time consistency axiom, complementary time consistency, is formulated to provide a dynamic preference foundation for continuous quasi-hyperbolic discounting. A preference condition for present bias is also characterised in the context of the model. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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