AXIOMATIZATION AND MEASUREMENT OF QUASI-HYPERBOLIC DISCOUNTING

• 成果类型: Article
• 署名作者: Olea, Jose Luis Montiel; Strzalecki, Tomasz
• 署名单位: New York University; Harvard University
• 刊物名称: QUARTERLY JOURNAL OF ECONOMICS
• ISSN/ISSBN: 0033-5533
• DOI: 10.1093/qje/qju017
• 发表日期: 2014
• 页码: 1449-1499
• 关键词: INTERTEMPORAL CHOICE; confidence-intervals; utility; RISK; temptation; MODEL

摘要

This article provides an axiomatic characterization of quasi-hyperbolic discounting and a more general class of semi-hyperbolic preferences. We impose consistency restrictions directly on the intertemporal trade-offs by relying on what we call annuity compensations. Our axiomatization leads naturally to an experimental design that disentangles discounting from the elasticity of intertemporal substitution. In a pilot experiment we use the partial identification approach to estimate bounds for the distributions of discount factors in the subject pool. Consistent with previous studies, we find evidence for both present and future bias.