Anomalies: Intertemporal Choice

Anomalies in Intertemporal Choice: Evidence and an Interpretation

Research on decision making under uncertainty has been strongly influenced by the documentation of numerous expected utility (EU) anomalies-behaviors that violate the expected utility axioms. The relative lack of progress on the closely related topic of intertemporal choice is partly due to the absence of an analogous set of discounted utility (DU) anomalies. We enumerate a set of DU anomalies ...

(1) Anomalies in Intertemporal Choice: Evidence and an Interpretation*

Research on decision making under uncertainty has been strongly influenced by the documentation of numerous expected utility (EU) anomalies-behaviors that violate the expected utility axioms. The relative lack of progress on the closely related topic of intertemporal choice is partly due to the absence of an analogous set of discounted utility (DU) anomalies. We enumerate a set of DU anomalies ...

Intertemporal Choice

Intertemporal Choice and Inequality

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Random Intertemporal Choice

We provide a theory of random intertemporal choice. Choice is random due to unobserved heterogeneity in discounting from the perspective of a modeler. First, we show that the modeler can identify the distribution of discount rates uniquely from random choice. We then provide axiomatic characterizations of random discounting utility models, including exponential and quasi-hyperbolic discounting ...