Decreasing Impatiencet

• 成果类型: Article
• 署名作者: Chambers, Christopher P.; Echenique, Federico; Miller, Alan D.
• 署名单位: Georgetown University; University of California System; University of California Berkeley; Western University (University of Western Ontario)
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MICROECONOMICS
• ISSN/ISSBN: 1945-7669
• DOI: 10.1257/mic.20210361
• 发表日期: 2023
• 页码: 527-551
• 关键词: Information aggregation; diminishing impatience; time preference; equilibrium; welfare; utility; strotz; allais; models; CHOICE

摘要

We characterize decreasing impatience, a common behavioral phenomenon in intertemporal choice. Discount factors that display decreasing impatience are characterized through a convexity axiom for investments at fixed interest rates. Then we show that they are equivalent to a geometric average of generalized quasi-hyperbolic discount rates. Finally, they emerge through parimutuel preference aggregation of exponential discount factors. (JEL D15, D61, D91)