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Non-exponential Discounting

Author

Listed:
  • Tomas Björk

    (Stockholm School of Economics)

  • Mariana Khapko

    (University of Toronto)

  • Agatha Murgoci

    (Ørsted)

Abstract

Problems with non-exponential discounting constitute an important subclass of the family of time-inconsistent problems. To see how the general theory works in a more concrete case, we now consider a fairly general model class with non-exponential discounting. As a special case, we will then study the case of hyperbolic discounting, and we will obtain an analytic solution for an example with logarithmic utility. We also discuss a generalization of the Euler equation for hyperbolic consumers, the so-called hyperbolic Euler equation of Harris and Laibson (Econometrica 69:935–957, 2001).

Suggested Citation

Handle: RePEc:spr:sprfcp:978-3-030-81843-2_7
DOI: 10.1007/978-3-030-81843-2_7
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