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Delay Aversion

Author

Listed:
  • Jean-Pierre Benoît

    () (Economics New York University)

  • Efe OK

Abstract

We 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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Suggested Citation

  • Jean-Pierre Benoît & Efe OK, 2005. "Delay Aversion," 2005 Meeting Papers 752, Society for Economic Dynamics.
  • Handle: RePEc:red:sed005:752
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    File URL: http://repec.org/sed2005/up.17921.1107201726.pdf
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    References listed on IDEAS

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    1. Fishburn, Peter C & Rubinstein, Ariel, 1982. "Time Preference," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 23(3), pages 677-694, October.
    2. Sorin, Sylvain, 1992. "Repeated games with complete information," Handbook of Game Theory with Economic Applications,in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 1, chapter 4, pages 71-107 Elsevier.
    3. Marinacci, Massimo, 1998. "An Axiomatic Approach to Complete Patience and Time Invariance," Journal of Economic Theory, Elsevier, vol. 83(1), pages 105-144, November.
    4. Epstein, Larry G & Zin, Stanley E, 1989. "Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: A Theoretical Framework," Econometrica, Econometric Society, vol. 57(4), pages 937-969, July.
    5. Martin J. Osborne & Ariel Rubinstein, 1994. "A Course in Game Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262650401, January.
    6. Becker, Robert A., 1983. "Comparative dynamics in the one-sector optimal growth model," Journal of Economic Dynamics and Control, Elsevier, vol. 6(1), pages 99-107, September.
    7. Olson, Mancur & Bailey, Martin J, 1981. "Positive Time Preference," Journal of Political Economy, University of Chicago Press, vol. 89(1), pages 1-25, February.
    8. Roth, Alvin E, 1985. "A Note on Risk Aversion in a Perfect Equilibrium Model of Bargaining," Econometrica, Econometric Society, vol. 53(1), pages 207-211, January.
    9. Horowitz, John K., 1992. "Comparative impatience," Economics Letters, Elsevier, vol. 38(1), pages 25-29, January.
    10. Shane Frederick & George Loewenstein & Ted O'Donoghue, 2002. "Time Discounting and Time Preference: A Critical Review," Journal of Economic Literature, American Economic Association, vol. 40(2), pages 351-401, June.
    11. K. J. Arrow, 1964. "The Role of Securities in the Optimal Allocation of Risk-bearing," Review of Economic Studies, Oxford University Press, vol. 31(2), pages 91-96.
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    Citations

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    Cited by:

    1. Bastianello, Lorenzo & Chateauneuf, Alain, 2016. "About delay aversion," Journal of Mathematical Economics, Elsevier, vol. 63(C), pages 62-77.
    2. Mutlu, Gulseren, 2013. "Delay aversion under a general class of preferences," Economics Letters, Elsevier, vol. 121(2), pages 306-310.
    3. Jinrui Pan & Craig Webb & Horst Zank, 2013. "Discounting the Subjective Present and Future," The School of Economics Discussion Paper Series 1305, Economics, The University of Manchester.
    4. repec:eee:mateco:v:73:y:2017:i:c:p:1-12 is not listed on IDEAS
    5. repec:ipg:wpaper:30 is not listed on IDEAS
    6. Lorenzo Bastianello & Alain Chateauneuf, 2013. "About Delay Aversion," Working Papers 2013-30, Department of Research, Ipag Business School.
    7. Banerjee, Kuntal & Dubey, Ram Sewak, 2013. "Impatience implication of weakly Paretian orders: Existence and genericity," Journal of Mathematical Economics, Elsevier, vol. 49(2), pages 134-140.
    8. Paola Manzini & Marco Mariotti, 2007. "Choice over Time," Working Papers 605, Queen Mary University of London, School of Economics and Finance.
    9. Banerjee, Kuntal & Dubey, Ram, 2011. "Impatience for Weakly Paretian Orders: Existence and Genericity," Working Papers 2011-03, Department of Economics, Colgate University.
    10. Pan, Jinrui & Webb, Craig S. & Zank, Horst, 2015. "An extension of quasi-hyperbolic discounting to continuous time," Games and Economic Behavior, Elsevier, vol. 89(C), pages 43-55.
    11. repec:ipg:wpaper:2013-030 is not listed on IDEAS

    More about this item

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General

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