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Constant and decreasing timing aversion for saving lives

John Cairns and Marjon van der Pol ()

Social Science & Medicine, 1997, vol. 45, issue 11, 1653-1659

Abstract: The traditional model of time preferences employed by economists is characterised by constant timing aversion. The available evidence suggests that this is not an appropriate assumption. This paper examines evidence for constant and decreasing timing aversion with respect to saving lives. Three discounting models are considered: the constant discounting model; the proportional discounting model; and the hyperbolic discounting model. Data collected from the general public are used to test the constant timing aversion model. Overall, the findings suggest that there is substantial evidence for decreasing timing aversion and against the constant timing aversion hypothesis.

Keywords: discounting; future; lives; saved (search for similar items in EconPapers)
Date: 1997
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