Prudent aggregation of quasi-hyperbolic experts

Bach Dong-Xuan, Philippe Bich () and Bertrand Wigniolle
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Bach Dong-Xuan: 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, UP1 - Université Paris 1 Panthéon-Sorbonne, NEU - National Economics University [Hanoï, Vietnam]
Philippe Bich: 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, UP1 - Université Paris 1 Panthéon-Sorbonne

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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)
Date: 2024
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Published in Economic Theory, inPress, ⟨10.1007/s00199-024-01575-8⟩

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Related works:
Journal Article: Prudent aggregation of quasi-hyperbolic experts (2025)
Working Paper: Prudent aggregation of quasi-hyperbolic experts (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:pseptp:halshs-04632144

DOI: 10.1007/s00199-024-01575-8

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