Delay aversion

• 成果类型: Article
• 署名作者: Benoit, Jean-Pierre; Ok, Efe A.
• 署名单位: University of London; London Business School; New York University
• 刊物名称: THEORETICAL ECONOMICS
• ISSN/ISSBN: 1933-6837
• 发表日期: 2007-03-01
• 页码: 71-113
• 关键词: Delay aversion; impatience; consumption smoothing; time consistency

摘要

We address the following question: When can one person properly be said to be more delay averse than another? In reply, several (nested) comparison methods are developed. These methods yield a theory of delay aversion which parallels that of risk aversion. The applied strength of this theory is demonstrated in a variety of dynamic economic settings, including the classical optimal growth and tree cutting problems, repeated games, and bargaining. Both time-consistent and time-inconsistent scenarios are considered.