Is it "Economics and Psychology"?: the Case of Hyperbolic Discounting
AbstractThe 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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Bibliographic InfoPaper provided by Tel Aviv in its series Papers with number 2000-21.
Length: 15 pages
Date of creation: 2000
Date of revision:
Contact details of provider:
Postal: Israel TEL-AVIV UNIVERSITY, THE FOERDER INSTITUTE FOR ECONOMIC RESEARCH, RAMAT AVIV 69 978 TEL AVIV ISRAEL.
Web page: http://econ.tau.ac.il/research/foerder.asp
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PSYCHOLOGY ; ECONOMICS ; EXPERIMENTATION ; DECISION MAKING;
Other versions of this item:
- Ariel Rubinstein, 2010. "Is it 'Economics and Psychology'?: The Case of Hyperbolic Discounting," NajEcon Working Paper Reviews 625018000000000219, www.najecon.org.
- Rubinstein, A., 2000. "Is it "Economics and Psychology"?: the Case of Hyperbolic Discounting," Papers 00-21, Tel Aviv.
- Ariel Rubinstein, 2000. "Is It 'Economics and Psychology?' : The Case of Hyperbolic Discounting," Levine's Working Paper Archive 7640, David K. Levine.
- C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
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