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Is Time-Discounting Hyperbolic or Subadditive?

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Author Info
 Read, Daniel
Abstract

Subadditive time discounting means that discounting over a delay is greater when the delay is divided into subintervals than when it is left undivided. This may produce the most important result usually attributed to hyperbolic discounting: declining impatience, or the inverse relationship between the discount rate and the magnitude of the delay. Three choice experiments were conducted to test for subadditive discounting, and to determine whether it is sufficient to explain declining impatience. All three experiments showed strong evidence of subadditive discounting, but there was no evidence of declining impatience. I conclude by questioning whether hyperbolic discounting is a plausible account of time preference. Copyright 2001 by Kluwer Academic Publishers

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Article provided by Springer in its journal Journal of Risk and Uncertainty.

Volume (Year): 23 (2001)
Issue (Month): 1 (July)
Pages: 5-32
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Handle: RePEc:kap:jrisku:v:23:y:2001:i:1:p:5-32

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  5. Isabelle Brocas & Juan D. Carrillo, 2005. "Biases in Perceptions, Beliefs and Behavior," Levine's Bibliography 172782000000000063, UCLA Department of Economics. [Downloadable!]
  6. Halevy, Yoram, 2004. "Diminishing Impatience: Disentangling Time Preference from Uncertain Lifetime," Micro Theory Working Papers halevy-04-10-29-09-59-47, Microeconomics.ca Website, revised 12 Sep 2005. [Downloadable!]
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  11. Ahmed Khwaja & Dan Silverman & Frank Sloan, 2006. "Time Preference, Time Discounting, and Smoking Decisions," NBER Working Papers 12615, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  12. Paola Manzini & Marco Mariotti, 2007. "Choice Over Time," IZA Discussion Papers 2993, Institute for the Study of Labor (IZA). [Downloadable!]
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