AbstractWe 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 InfoPaper provided by Society for Economic Dynamics in its series 2005 Meeting Papers with number 752.
Date of creation: 2005
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- D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
- D90 - Microeconomics - - Intertemporal Choice - - - General
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- NEP-ALL-2005-12-01 (All new papers)
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