Discounting of delayed payoffs (Rzecz o dyskontowaniu odroczonych wyplat)

Piotr Zielonka, Przemyslaw Sawicki and Rafał Weron

No HSC/09/01, HSC Research Reports from Hugo Steinhaus Center, Wroclaw University of Science and Technology

Abstract: The paper presents empirical results on the discounting of delayed payoffs which show that: (1) the best approximation of the discounting process is a hyperbolic function, (2) (both animals and humans) can reverse their preferences in time. The article presents theoretical conditions on the intertemporal preference reversal.

Keywords: Hyperbolic discounting; Intertemporal preference reversal (search for similar items in EconPapers)
JEL-codes: C12 C13 C46 (search for similar items in EconPapers)
Pages: 27 pages
Date: 2009
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Published in Decyzje 11 (2009) 49-70, in Polish.

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http://www.im.pwr.wroc.pl/~hugo/RePEc/wuu/wpaper/HSC_09_01.pdf Final draft, 2009 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:wuu:wpaper:hsc0901

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