منابع مشابه
Modeling Alternatives to Exponential Discounting
One area that is often overlooked by economists and social scientists is discounting. Most economic models of intertemporal choice make use of Samuelson’s (1937) DU model which leads to an exponential discount function. Divergences from what economic modelling predicts and empirical findings are on the most part attributed to factors other than the discount function employed. We review the lite...
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The present paper studies an optimal withdrawal and investment problem for a retiree who is interested in sustaining her retirement consumption above a prespecified minimum consumption level. Apparently, the withdrawal and investment policy depends substantially on the retiree’s health condition and her time preferences (subjective discount factor). We assume that the health of the retiree can ...
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In this paper, we revisit the consumption-investment problem with a general discount function and a logarithmic utility function in a non-Markovian framework. The coefficients in our model, including the interest rate, appreciation rate and volatility of the stock, are assumed to be adapted stochastic processes. Following Yong (2012a,b)’s method, we study an N-person differential game. We adopt...
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The experimental literature on time preference nds that the manner in which subjects discount money (as opposed to utility) exhibits properties known as Decreasing Impatience and the Magnitude Effect. While these ndings are often referred to as anomalies for the Exponential Discounting model, several authors have demonstrated that each of these qualitative ndings can be explained by the curv...
متن کاملPresent-bias, quasi-hyperbolic discounting, and fixed costs
Article history: Received 28 January 2008 Available online xxxx JEL classification: C91 D03 D90 In this paper we elicit preferences for money–time pairs via experimental techniques. We estimate a general specification of discounting that nests exponential and hyperbolic discounting, as well as various forms of present bias, including quasi-hyperbolic discounting. We find that discount rates are...
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ژورنال
عنوان ژورنال: Journal of Economics
سال: 2013
ISSN: 0931-8658
DOI: 10.1007/s00712-013-0363-3