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Some Common Confusions about Hyperbolic Discounting

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Author Info
Eric Rasmusen (Department of Business Economics and Public Policy, Indiana University Kelley School of Business)

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Abstract

There is much confusion over what "hyperbolic discounting" means. I argue that what matters is the use of relativistic instead of objective time, not the shape of the discount function.

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File URL: http://www.bus.indiana.edu/riharbau/RePEc/iuk/wpaper/bepp2008-11-rasmusen.pdf
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Publisher Info
Paper provided by Indiana University, Kelley School of Business, Department of Business Economics and Public Policy in its series Working Papers with number 2008-11.

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Date of creation: Mar 2008
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Handle: RePEc:iuk:wpaper:2008-11

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Related research
Keywords: time inconsistency; hyperbolic discounting;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. B. Douglas Bernheim & Antonio Rangel, 2008. "Beyond Revealed Preference: Choice Theoretic Foundations for Behavioral Welfare Economics," NBER Working Papers 13737, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Laibson, David, 1997. "Golden Eggs and Hyperbolic Discounting," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 443-77, May.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Eric Rasmusen, 2008. "Internalities and Paternalism: Applying the Compensation Criterion to Multiple Selves across Time," Working Papers 2008-13, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy. [Downloadable!]
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This page was last updated on 2009-11-16.

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