Non-hyperbolic time inconsistency
Non-hyperbolic time inconsistency
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DOI：
10.1016/j.geb.2008.05.007
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发表时间：
2009-05-01
影响因子：
1.1
通讯作者：
Wakker, Peter P.
中科院分区：
文献类型：
--
作者：
Bleichrodt, Han;Rohde, Kirsten I. M.;Wakker, Peter P.
常用的双曲线和准双曲线贴现函数已经开发，以适应日益减少的不耐烦，这是流行的跨期选择的经验发现，特别是对总的行为。然而，这些折扣函数不具有适应增加的不耐烦或强烈减少的不耐烦的灵活性。这种缺乏灵活性的情况对于在个体水平上拟合数据尤其令人不安，其中对于相当大一部分受试者，将出现各种不耐烦增加和不耐烦强烈减少的模式。本文提出了具有常数绝对（CADI）或常数相对（CRDI）减少不耐烦的折扣函数，它可以适应任何程度的减少或增加不耐烦。特别是，它们对于个人层面的分析具有足够的灵活性。CADI和CRDI折扣函数是著名的CARA和CRRA效用函数的类似物，用于风险决策。(C)2008年爱思唯尔公司All rights reserved.
The commonly used hyperbolic and quasi-hyperbolic discount functions have been developed to accommodate decreasing impatience, which is the prevailing empirical finding in intertemporal choice, in particular for aggregate behavior. However, these discount functions do not have the flexibility to accommodate increasing impatience or strongly decreasing impatience. This lack of flexibility is particularly disconcerting for fitting data at the individual level, where various patterns of increasing impatience and strongly decreasing impatience will occur for a significant fraction of subjects. This paper presents discount functions with constant absolute (CADI) or constant relative (CRDI) decreasing impatience that can accommodate any degree of decreasing or increasing impatience. In particular, they are sufficiently flexible for analyses at the individual level. The CADI and CRDI discount functions are the analogs of the well-known CARA and CRRA utility functions for decision under risk. (C) 2008 Elsevier Inc. All rights reserved.