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Published in 2020 at "Finance and Stochastics"
DOI: 10.1007/s00780-020-00443-2
Abstract: We study Markov decision processes with Borel state spaces under quasi-hyperbolic discounting. This type of discounting nicely models human behaviour, which is time-inconsistent in the long run. The decision maker has preferences changing in time.…
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Keywords:
decision;
markov decision;
decision processes;
hyperbolic discounting ... See more keywords
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Published in 2019 at "Theory and Decision"
DOI: 10.1007/s11238-018-09683-3
Abstract: In this paper, we present a time-varying and non-stationary but non-hyperbolic discount function that explains dynamic preference reversal. The new discount function emerges from an analysis of intertemporal consumption and savings choices with mortality risk…
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Keywords:
dynamic preference;
non hyperbolic;
preference reversal;
hyperbolic discounting ... See more keywords
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Published in 2017 at "Economics Letters"
DOI: 10.1016/j.econlet.2017.03.031
Abstract: We prove an analogue of Weitzman’s (1998) famous result that an exponential discounter who is uncertain of the appropriate exponential discount rate should discount the far-distant future using the lowest (i.e., most patient) of the…
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Keywords:
discount;
discounting far;
far distant;
hyperbolic discounting ... See more keywords
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Published in 2017 at "Journal of Development Economics"
DOI: 10.1016/j.jdeveco.2016.12.011
Abstract: Hyperbolic discounting is one potential reason why savings remain low among the poor. Most evidence of hyperbolic discounting is based on violations of either stationarity or time consistency. Stationarity is violated when intertemporal choices differ…
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Keywords:
time consistency;
stationarity time;
time;
hyperbolic discounting ... See more keywords
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Published in 2020 at "Journal of Economic Behavior and Organization"
DOI: 10.1016/j.jebo.2020.01.028
Abstract: Abstract We show that in a consumption-based asset-pricing model with hyperbolic discounting - leading to dynamically inconsistent time preferences - the value premium increases nonlinearly with the degree of discounting and thus affects the cross…
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Keywords:
patience value;
value;
hyperbolic discounting;
value patience ... See more keywords