Revealed time preference

• 成果类型: Article
• 署名作者: Dziewulski, Pawel
• 署名单位: University of Oxford
• 刊物名称: GAMES AND ECONOMIC BEHAVIOR
• ISSN/ISSBN: 0899-8256
• DOI: 10.1016/j.geb.2018.08.004
• 发表日期: 2018
• 页码: 67-77
• 关键词: Revealed preference; testable restrictions; time preference; Discounted utility; present bias; Exponential discounting

摘要

Suppose a researcher observes a finite number of preference comparisons between pairs (x, t) of rewards x delivered at time t. We provide necessary and sufficient conditions under which such a dataset can be rationalised with the most common specifications of the discounted utility model. The distinctive feature of our characterisation is that it refers to notions of stochastic dominance among empirical distributions defined over the observed rewards and time delays. Crown Copyright (C) 2018 Published by Elsevier Inc. All rights reserved.