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Non-exponential Discounting

Author

Listed:
  • Tomas Björk

    (Stockholm School of Economics)

  • Mariana Khapko

    (University of Toronto)

  • Agatha Murgoci

    (Ørsted)

Abstract

We now illustrate the theory developed in Chap. 15 , and the first example we consider is a fairly general case of a continuous-time control problem with non-exponential discounting. As mentioned before, non-exponential discounting captures preferences under which delayed rewards are not discounted at a constant rate. As delay discounting arises naturally in economics, understanding deviations from exponential discounting has important implications for a wide range of problems, from finance and pension economics to studies of climate change and natural resource allocation.

Suggested Citation

Handle: RePEc:spr:sprfcp:978-3-030-81843-2_17
DOI: 10.1007/978-3-030-81843-2_17
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