Is it "Economics and Psychology"?: the Case of Hyperbolic Discounting

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Is it "Economics and Psychology"?: the Case of Hyperbolic Discounting

Author Info

Rubinstein, A.

Additional information is available for the following registered author(s):

Ariel Rubinstein

Abstract

The paper questions the methodology of "economics and psychology". It focuses on the case of hyperbolic discounting. Using some experimental results, I argue that the same sort of evidence which rejects the standard constant discount utility functions can just as easily reject hyperbolic discounting as well. Futhermore, a decision-making procedure based on similarity relation better explains the observations and is more intuitive. The paper concludes that combining "economics and psychology" requires opening the black box of decision-makers rather than modifying funcional forms.

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Paper provided by Tel Aviv in its series Papers with number 00-21.

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Length: 15 pages
Date of creation: 2000
Date of revision:
Handle: RePEc:fth:teavfo:00-21

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Paper
- Rubinstein, A., 2000. "Is it "Economics and Psychology"?: the Case of Hyperbolic Discounting," Papers 2000-21, Tel Aviv.
- Ariel Rubinstein, 2001. "Is it 'Economics and Psychology'?: The Case of Hyperbolic Discounting," NajEcon Working Paper Reviews 625018000000000219, www.najecon.org. [Downloadable!]
- Ariel Rubinstein, 2000. "Is It 'Economics and Psychology?' : The Case of Hyperbolic Discounting," Levine's Bibliography 7640, UCLA Department of Economics. [Downloadable!]

Find related papers by JEL classification:
C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General

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