Decreasing Impatience
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Decreasing Impatience
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Author : Dražen Prelec
language : en
Publisher:
Release Date : 1989
Decreasing Impatience written by Dražen Prelec and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Consumers' preferences categories.
Decreasing Impatience
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Author : Drazen Prelec
language : en
Publisher:
Release Date : 2004
Decreasing Impatience written by Drazen Prelec and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
Despite recent interest in hyperbolic discounting, there has been little discussion of exactly what property of time preferences is instantiated by hyperbolic or quasi-hyperbolic functional forms. The paper revives an earlier proposal in Prelec (1989) that the key property is Pratt-Arrow convexity of the log of the discount function, which corresponds to (DI) at the level of preferences. DI provides a natural criterion for assessing the severity of departure from stationarity in that greater DI is equivalent to more choices of dominated options in two-stage decision problems, as well as greater convexity of the log of the discount function. Inefficient choices may arise as intentional precommitments, or as unintended reversals of preference by "naive" agents.
The Hyperbolic Factor
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Author : Kirsten I. M. Rohde
language : en
Publisher:
Release Date : 2005
The Hyperbolic Factor written by Kirsten I. M. Rohde and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Uncertainty Breeds Decreasing Impatience
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Author : Thomas Epper
language : en
Publisher:
Release Date : 2009
Uncertainty Breeds Decreasing Impatience written by Thomas Epper and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Time Consistent Stopping Under Decreasing Impatience
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Author : Yu-Jui Huang
language : en
Publisher:
Release Date : 2015
Time Consistent Stopping Under Decreasing Impatience written by Yu-Jui Huang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
The paper presents a dynamic theory for time-inconsistent problems of optimal stopping. The theory is developed under the paradigm of expected discounted payoff, where the process to stop is continuous and Markovian. We introduce equilibrium stopping policies, which are implementable stopping rules that take into account the change of preferences over time. When the discount function induces decreasing impatience, we establish a constructive method to find equilibrium policies. A new class of stopping problems, involving equilibrium policies, is introduced, as opposed to classical optimal stopping. By studying the stopping of a BES(1) process under hyperbolic discounting, we illustrate our theory in an explicit manner.
Decreasing Marginal Impatience In A Monetary Growth Model
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Author : Ken-Ichi Hirose
language : en
Publisher:
Release Date : 2004
Decreasing Marginal Impatience In A Monetary Growth Model written by Ken-Ichi Hirose and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
Unlike the standard assumption that the degree of impatience, measured by the rate of time preference, is increasing in wealth, empirical studies support that impatience is marginally decreasing. By introducing decreasing marginal impatience into the neoclassical monetary growth model a la Sidrauski, we show that (i) consistently with empirical results, an increase in the core rate of inflation reduces capital stocks in a steady state; and that (ii) its long-run welfare cost is larger than predicted with increasing or constant marginal impatience, implying that estimates of the inflation cost which have so far been obtained by assuming constant time preference may be underestimates.
Intertemporal Choice And Its Anomalies
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Author : Salvador Cruz Rambaud
language : en
Publisher: Frontiers Media SA
Release Date : 2019-08-16
Intertemporal Choice And Its Anomalies written by Salvador Cruz Rambaud and has been published by Frontiers Media SA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-08-16 with categories.
This Research Topic of the journals Frontiers in Applied Mathematics and Statistics and Frontiers in Psychology on “Intertemporal choice and its anomalies” has collected ten manuscripts on several fields, which demonstrates that this topic is of interest for many important research activities outside of traditional domains of economics and finance. In effect, the concepts of time preference, rationality and time-inconsistency in intertemporal choice can be applied to a wide variety of social problems such as addictions, retirement plans, and health, among others. On the other hand, the main anomalies or paradoxes in intertemporal choice (such as delay effect, sign effect, magnitude effect, delay-speedup asymmetry, and sequence effect) have been considered, as manifestations of many problematic behaviors of self-control in intertemporal choice.
Decreasing Marginal Impatience And Capital Accumulation In A Two Country World Economy
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Author : Ken-Ichi Hirose
language : en
Publisher:
Release Date : 2013
Decreasing Marginal Impatience And Capital Accumulation In A Two Country World Economy written by Ken-Ichi Hirose and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
This research is the first to examine dynamic general equilibrium in a growing two-country economy under decreasing marginal impatience (DMI). The stability condition is shown to be more restrictive than in the case of an endowment economy and/or under increasing marginal impatience (IMI). By analyzing global-economy adjustment to time preference shocks, international transfers, and productivity shocks, equilibrium dynamics in the presence of DMI differ drastically from what is obtained when the standard IMI model is used. For example, in a country characterized by DMI, a positive productivity shock improves the country's welfare level and lowers its steady-state time preference and, hence, the steady-state interest rate. This leads to an increase in the neighboring country's capital stock.
I Ll Have The Ice Cream Soon And The Vegetables Later
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Author : Katherine L. Milkman
language : en
Publisher:
Release Date : 2007
I Ll Have The Ice Cream Soon And The Vegetables Later written by Katherine L. Milkman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
How do decisions made for tomorrow or two days in advance differ from decisions made for several days in the future? Most economic models predict that decisions do not systematically differ on such short timescales. We use a novel panel data from an online grocer to conduct analyses suggesting that people are decreasingly impatient the further in the future their choices will take effect. In general, as the delay between order completion and delivery increases, we find that the same customers spend less, order a higher percentage of "should" items (e.g., vegetables), and order a lower percentage of "want" items (e.g., ice cream). However, orders placed for delivery tomorrow versus two days in the future do not show this want/should pattern, and we briefly discuss survey results suggesting a potential explanation for the nonlinearity in customers' apparent decreasing impatience.
Grit Discounting Time Inconsistency
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Author : Christian König-Kersting
language : en
Publisher:
Release Date : 2023
Grit Discounting Time Inconsistency written by Christian König-Kersting and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
We study the association of the perseverance-of-effort (PoE) and the consistency-of-interests (CoI) components of the psychological measure of grit, with economic measures of impatience and decreasing impatience (time inconsistency), respectively, in the general population. We find that impatience is associated with grit through the PoE component. No association of time inconsistency with grit is found. Predicting participants' financial and health outcomes and behaviors, we find that both impatience and grit are predictive for both outcomes, but this is not the case for time inconsistency. Our findings suggest that it can be beneficial for empirical studies of intertemporal decisions to include both economic impatience and psychological grit measures.