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Economics And Psychology In The Explanation Of Intertemporal Choice

Author

Listed:
  • Roberta Muramatsu

    (Universidade Presbiteriana Mackenzie (UPM); Ibmec)

  • Patrícia Fonseca

    (Universidade Presbiteriana Mackenzie (UPM))

Abstract

This paper aims to present and analyze the reformist movement in eco-nomic modeling that serves to better predict patterns of choice over time. Based on a vast literature shedding light on the mutual gains of exchange between economists and psychologists, we argue that behavioral models that replace the constant (exponential) discounting with that of hyperbolic (non-constant) time preference discounting contribute to a better understanding of various intertemporal choice anomalies and eventually pave the way for the explanatory (and predictive) progress of contemporary economic analysis.

Suggested Citation

  • Roberta Muramatsu & Patrícia Fonseca, 2008. "Economics And Psychology In The Explanation Of Intertemporal Choice," Revista de Economia Mackenzie (REM), Mackenzie Presbyterian University, Social and Applied Sciences Center, vol. 6(6), pages 87-112, january-d.
    • Handle: RePEc:aft:journl:v:6:6:2008:jan:dec:p:87-112
    DOI: -
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