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A subjective Discounted Utility Model

Author

Listed:
  • André Lapied
  • Olivier Renault

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

Abstract

Intertemporal choices involve a great heterogeneity among discount mechanisms. In order to catch such diversity, we introduce an axiomatic Subjective Discounted Utility (SDU) model based on separability assumption. The originality of the SDU model rests on the fact that decision makers discount subjective periods, namely decision weights can be described as standard discount functions of time perception. In particular, our model appears as a generalization of both exponential and hyperbolic approaches.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • André Lapied & Olivier Renault, 2012. "A subjective Discounted Utility Model," Post-Print hal-01670030, HAL.
    • Handle: RePEc:hal:journl:hal-01670030
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    Cited by:

    1. André Lapied & Olivier Renault, 2012. "An Investigation of Time Consistency for Subjective Discontinued Utility," AMSE Working Papers 1210, Aix-Marseille School of Economics, France.
    2. Méder, Zsombor Z. & Flesch, János & Peeters, Ronald, 2017. "Naiveté and sophistication in dynamic inconsistency," Mathematical Social Sciences, Elsevier, vol. 87(C), pages 40-54.

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    JEL classification:

    • D9 - Microeconomics - - Micro-Based Behavioral Economics

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