Satiation in discounted utility
成果类型：
Article
署名作者：
Baucells, Manel; Sarin, Rakesh K.
署名单位：
University of Navarra; IESE Business School; University of California System; University of California Los Angeles
刊物名称：
OPERATIONS RESEARCH
ISSN/ISSBN：
0030-364X
DOI：
10.1287/opre.1060.0322
发表日期：
2007
页码：
170-181
关键词：
摘要：
In this paper, we propose a model of intertemporal choice that explicitly incorporates satiation due to previous consumption in the evaluation of the utility of current consumption. In the discounted utility (DU) model, the utility of consumption is evaluated afresh in each time period. In our model, the utility of current consumption represents an incremental utility from the past level. When the time interval between consumption periods is large, and there are, therefore, no carryover effects, our model coincides with the DU model. For short time intervals between consumption periods, the satiation due to previous consumption lowers the utility of current consumption. Several implications of our model are examined, and comparisons with the DU model and the habituation model are made.