Hyperbolic Discounting can represent Consistent Preferences
Among non Exponential Discounting (ED) models, introduced to capture time inconsistent choices, Hyperbolic Discounting (HD) recently gained particular relevance. This paper points out that, for some particular payoff structures, HD can also represent consistent preferences
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- R. A. Pollak, 1968. "Consistent Planning," Review of Economic Studies, Oxford University Press, vol. 35(2), pages 201-208.
- R. H. Strotz, 1955. "Myopia and Inconsistency in Dynamic Utility Maximization," Review of Economic Studies, Oxford University Press, vol. 23(3), pages 165-180.