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Decreasing Impatience

Chambers, Christopher P. and Echenique, Federico and Miller, Alan D. (2021) Decreasing Impatience. . (Unpublished)

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We characterize decreasing impatience, a common behavioral phenomenon in intertemporal choice, and a property with certain normative support in the literature on project evaluation. 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.

Item Type:Report or Paper (Discussion Paper)
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URLURL TypeDescription Paper
Chambers, Christopher P.0000-0001-8253-0328
Echenique, Federico0000-0002-1567-6770
Additional Information:Echenique thanks the National Science Foundation for financial support (Grants SES-1558757 and CNS-518941). This research was undertaken, in part, thanks to funding from the Canada Research Chairs program. We are grateful to Chris Shannon, Leslie Marx, and four anonymous referees for useful comments and suggestions.
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Canada Research Chairs ProgramUNSPECIFIED
Record Number:CaltechAUTHORS:20220707-170530700
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Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:115365
Deposited By: George Porter
Deposited On:07 Jul 2022 19:45
Last Modified:07 Jul 2022 19:45

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