Decreasing Impatience

Christopher Chambers, Federico Echenique and Alan Miller

Department of Economics, Working Paper Series from Department of Economics, Institute for Business and Economic Research, UC Berkeley

Abstract: We characterize decreasing impatience, a common behavioral phenomenon in intertemporal choice. Discount factors that display decreasing impatience are characterized through a convexity axiom for investments at fixed interest rates. Then we show that they are equivalent to a geometric average of generalized quasi-hyperbolic discount rates. Finally, they emerge through parimutuel preference aggregation of exponential discount factors.

Keywords: Economics; Applied Economics; Banking; finance and investment; Applied economics; Economic theory (search for similar items in EconPapers)
Date: 2023-08-01
New Economics Papers: this item is included in nep-mic
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Journal Article: Decreasing Impatience (2023)
Working Paper: Decreasing Impatience (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:cdl:econwp:qt2mk6969c

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