Optimal Discounting

• 成果类型: Article
• 署名作者: Noor, Jawwad; Takeoka, Norio
• 署名单位: Boston University; Hitotsubashi University
• 刊物名称: ECONOMETRICA
• ISSN/ISSBN: 0012-9682
• DOI: 10.3982/ECTA16050
• 发表日期: 2022
• 页码: 585-623
• 关键词: INTERTEMPORAL CHOICE; time preference; RISK; MODEL; impatience

摘要

The agent is modeled as a current self that optimally incurs a cognitive cost of empathizing with future selves. The model unifies well-known experimental and empirical findings in intertemporal choice and enriches the multiple selves model with a notion of self-control. The defining feature of the model is magnitude-decreasing impatience: greater patience toward larger rewards. Two behavioral definitions of magnitude-decreasing impatience are provided and the model is characterized under each of them.