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Delay aversion

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  • Ok, Efe A.

    ()
    (New York University)

  • Benoît, Jean-Pierre

    ()
    (London Business School)

Abstract

We address the following question: When can one person properly be said to be more delay averse than another? In reply, several (nested) comparison methods are developed. These methods yield a theory of delay aversion which parallels that of risk aversion. The applied strength of this theory is demonstrated in a variety of dynamic economic settings, including the classical optimal growth and tree cutting problems, repeated games, and bargaining. Both time-consistent and time-inconsistent scenarios are considered.

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Bibliographic Info

Article provided by Econometric Society in its journal Theoretical Economics.

Volume (Year): 2 (2007)
Issue (Month): 1 (March)
Pages: 71-113

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Handle: RePEc:the:publsh:225

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Related research

Keywords: Delay aversion; impatience; consumption smoothing; time consistency;

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  1. Epstein, Larry G & Zin, Stanley E, 1989. "Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: A Theoretical Framework," Econometrica, Econometric Society, vol. 57(4), pages 937-69, July.
  2. Martin J Osborne & Ariel Rubinstein, 2009. "A Course in Game Theory," Levine's Bibliography 814577000000000225, UCLA Department of Economics.
  3. Marinacci, Massimo, 1998. "An Axiomatic Approach to Complete Patience and Time Invariance," Journal of Economic Theory, Elsevier, vol. 83(1), pages 105-144, November.
  4. Olson, Mancur & Bailey, Martin J, 1981. "Positive Time Preference," Journal of Political Economy, University of Chicago Press, vol. 89(1), pages 1-25, February.
  5. Fishburn, Peter C & Rubinstein, Ariel, 1982. "Time Preference," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 23(3), pages 677-94, October.
  6. Sorin, Sylvain, 1992. "Repeated games with complete information," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 1, chapter 4, pages 71-107 Elsevier.
  7. Becker, Robert A., 1983. "Comparative dynamics in the one-sector optimal growth model," Journal of Economic Dynamics and Control, Elsevier, vol. 6(1), pages 99-107, September.
  8. Roth, Alvin E, 1985. "A Note on Risk Aversion in a Perfect Equilibrium Model of Bargaining," Econometrica, Econometric Society, vol. 53(1), pages 207-11, January.
  9. Horowitz, John K., 1992. "Comparative impatience," Economics Letters, Elsevier, vol. 38(1), pages 25-29, January.
  10. Shane Frederick & George Loewenstein & Ted O'Donoghue, 2002. "Time Discounting and Time Preference: A Critical Review," Journal of Economic Literature, American Economic Association, vol. 40(2), pages 351-401, June.
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Cited by:
  1. Manzini, Paola & Mariotti, Marco, 2007. "Choice Over Time," IZA Discussion Papers 2993, Institute for the Study of Labor (IZA).
  2. repec:ipg:wpaper:30 is not listed on IDEAS
  3. Banerjee, Kuntal & Dubey, Ram, 2011. "Impatience for Weakly Paretian Orders: Existence and Genericity," Working Papers 2011-03, Department of Economics, Colgate University.
  4. Lorenzo Bastianello & Alain Chateauneuf, 2013. "About Delay Aversion," Working Papers 2013-030, Department of Research, Ipag Business School.
  5. Mutlu, Gulseren, 2013. "Delay aversion under a general class of preferences," Economics Letters, Elsevier, vol. 121(2), pages 306-310.
  6. Banerjee, Kuntal & Dubey, Ram Sewak, 2013. "Impatience implication of weakly Paretian orders: Existence and genericity," Journal of Mathematical Economics, Elsevier, vol. 49(2), pages 134-140.

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