Hyperbolic Discounting: An Experimental Analysis
نویسندگان
چکیده
In this paper we elicit preferences for discounting via experimental techniques. We then estimate a general speci cation of discounting that nests exponential and hyperbolic discounting, as well as various forms of present bias, including quasihyperbolic discounting. The data strongly favor a speci cation with a small present bias in the form of a xed cost, of the order of $4 on average across subjects. In this speci cation, the present bias tends to vanish for large rewards (outside of our
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