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Decreasing Impatience

Chambers, Christopher P. and Echenique, Federico and Miller, Alan D. (2021) Decreasing Impatience. . (Unpublished) https://resolver.caltech.edu/CaltechAUTHORS:20220707-170530700

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Abstract

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)
Related URLs:
URLURL TypeDescription
http://arxiv.org/abs/2103.03290arXivDiscussion Paper
ORCID:
AuthorORCID
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.
Funders:
Funding AgencyGrant Number
NSFSES-1558757
NSFCNS-518941
Canada Research Chairs ProgramUNSPECIFIED
Record Number:CaltechAUTHORS:20220707-170530700
Persistent URL:https://resolver.caltech.edu/CaltechAUTHORS:20220707-170530700
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:115365
Collection:CaltechAUTHORS
Deposited By: George Porter
Deposited On:07 Jul 2022 19:45
Last Modified:07 Jul 2022 19:45

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