On multiple discount rates and present bias - HAL-SHS - Sciences de l'Homme et de la Société
Pré-Publication, Document De Travail (Working Paper) Année : 2022

On multiple discount rates and present bias

Résumé

In this paper, we give axiomatic foundations for a social planner objective function that takes the form of the maxmin of quasi-hyperbolic criteria. The minimum is taken over a set Q of possible pairs of discount rates δ and present bias parameters p0. When there is no present bias, we recover Chambers and Echenique’s axiomatization of maxmin exponential preferences, and when Q reduces to a singleton, we get Montiel Olea and Strzalecki’s axiomatization of quasi-hyperbolic preferences. To prove our main result, we provide some intertemporal variational representation results of interest for its own sake.
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Dates et versions

halshs-03884664 , version 1 (05-12-2022)

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  • HAL Id : halshs-03884664 , version 1

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Bach Dong Xuan, Philippe Bich, Bertrand Wigniolle. On multiple discount rates and present bias. 2022. ⟨halshs-03884664⟩
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