A theory of (relative) discounting

• 成果类型: Article
• 署名作者: Ok, Efe A.; Masatlioglu, Yusufcan
• 署名单位: University of Michigan System; University of Michigan; New York University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2007.01.008
• 发表日期: 2007
• 页码: 214-245
• 关键词: Time preferences; non-transitive preferences; hyperbolic discounting; time consistency; stationarity; present bias; bargaining

摘要

We derive a representation theorem for time preferences (on the prize-time space) which identifies a novel notion of relative discounting as the key ingredient. This representation covers a variety of time preference models, including the standard exponential and hyperbolic discounting models and certain non-transitive time preferences, such as the similarity-based and subadditive discounting models. Our axiomatic work thus unifies a number of seemingly disparate time preference structures, thereby providing a tractable mathematical format that allows for investigating certain economic environments without subscribing to a particular time preference model. This point is illustrated by means of an application to sequential bargaining theory. (c) 2007 Elsevier Inc. All fights reserved.