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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