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Continuous Quasi-Hyperbolic Discounting

Craig Webb

Economics Discussion Paper Series from Economics, The University of Manchester

Abstract: This paper studies intertemporal choice in a dynamic framework with continuous time. A model called continuous quasi-hyperbolic discounting is considered, extending the popular quasi-hyperbolic discounting to an integral form. Dynamic preference axioms, time consistency and time invariance, are formulated and used to provide a foundation for an integral form of exponential discounting; the central model of dynamic, intertemporal choice in economics. A relaxion of the time consistency axiom, complementary time consistency, is formulated to provide a dynamic preference foundation for continuous quasi-hyperbolic discounting. A preference condition for present bias is also characterised in the context of the model.

JEL-codes: D90 (search for similar items in EconPapers)
Date: 2016
New Economics Papers: this item is included in nep-mic and nep-sog
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:man:sespap:1602

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