Prudent aggregation of quasi-hyperbolic experts

Bach Dong-Xuan (), Philippe Bich () and Bertrand Wigniolle
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Bach Dong-Xuan: Université Paris 1 Panthéon-Sorbonne
Philippe Bich: Université Paris 1 Panthéon-Sorbonne

Economic Theory, 2025, vol. 79, issue 2, No 3, 417-444

Abstract: Abstract Imagine a cohort of economic experts appraising long-term projects through the quasi-hyperbolic discounting criterion. The parameters (long-run and short-run discount rates) used by each expert may differ, which implies different policy recommendations. Subsequently, a decision maker is faced with the task of selecting an efficient aggregation from these varied opinions. This paper proposes a solution to reconcile these conflicting recommendations, taking into account the decision maker’s adoption of a “prudent” behavior.

Keywords: Quasi-hyperbolic discounting; Aggregation of time preferences; Discount rate; Caution (search for similar items in EconPapers)
JEL-codes: D70 D90 (search for similar items in EconPapers)
Date: 2025
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Working Paper: Prudent aggregation of quasi-hyperbolic experts (2024)
Working Paper: Prudent aggregation of quasi-hyperbolic experts (2024)
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DOI: 10.1007/s00199-024-01575-8

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