About delay aversion

Lorenzo Bastianello and Alain Chateauneuf
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Lorenzo Bastianello: PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL

Abstract: In this paper, we study the behaviour of decision makers who show preferences for advancing the timing of future satisfaction. We give two definitions that are representative of this kind of attitude and investigate their implications in (an intertemporal version of) three popular models used in decision theory: the Expected Utility, the Choquet Expected Utility and the MaxMin Expected Utility models. The first definition reveals interesting links with the theory studying the impossibility of aggregating infinite streams of income, while keeping both strong monotonicity and equality among all generations. Our second definition turns out to be a behavioural characterization of what Irving Fisher called impatience. Finally, we make a connection with the notion of domination of one stream of income over another, for all interest rates.

Keywords: Delay aversion; Discounting; Impatience; Myopia (search for similar items in EconPapers)
Date: 2016-03
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Citations: View citations in EconPapers (9)

Published in Journal of Mathematical Economics, 2016, 63, pp.62-77. ⟨10.1016/j.jmateco.2015.12.006⟩

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Related works:
Journal Article: About delay aversion (2016)
Working Paper: About delay aversion (2016)
Working Paper: About delay aversion (2016)
Working Paper: About Delay Aversion (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:cesptp:hal-01302543

DOI: 10.1016/j.jmateco.2015.12.006

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