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On multiple discount rates

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 (Unpublished) http://resolver.caltech.edu/CaltechAUTHORS:20170726-084059845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)
Related URLs:
URLURL TypeDescription
http://resolver.caltech.edu/CaltechAUTHORS:20180817-125113975Related ItemPublished Version
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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