Chambers, Christopher P. and Echenique, Federico (2016) On multiple discount rates. Social Science Working Paper, 1418. California Institute of Technology , Pasadena, CA. (Unpublished) http://resolver.caltech.edu/CaltechAUTHORS:20170726-084059845
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Abstract
We propose a theory of intertemporal choice that is robust to specific assumptions on the discount rate. One class of models requires that one utility stream be chosen over another if and only if its discounted value is higher for all discount factors in a set. Another model focuses on an average discount factor. Yet another model is pessimistic, and evaluates a flow by the lowest available discounted value.
| Item Type: | Report or Paper (Working Paper) | ||||||
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| Group: | Social Science Working Papers | ||||||
| Subject Keywords: | Discounted utility; Stationarity; Decision Theory | ||||||
| Classification Code: | JEL: D90, D70 | ||||||
| Record Number: | CaltechAUTHORS:20170726-084059845 | ||||||
| Persistent URL: | http://resolver.caltech.edu/CaltechAUTHORS:20170726-084059845 | ||||||
| Usage Policy: | No commercial reproduction, distribution, display or performance rights in this work are provided. | ||||||
| ID Code: | 79390 | ||||||
| Collection: | CaltechAUTHORS | ||||||
| Deposited By: | Hanna Storlie | ||||||
| Deposited On: | 07 Aug 2017 21:37 | ||||||
| Last Modified: | 17 Aug 2018 20:08 |
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