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Discounting, Patience, and Dynamic Decision Making.

Abstract:

Whether they are financial, economic, or psychological, discount rates affect most economic decisions: investment and savings, hirings and firings, defaults and refinancing, financial and economic reforms, learning and experimentation, and any other decision with long-term consequences, such as gas emissions control. This paper studies these questions in a unified framework, providing general insights and results showing how discounting affects i) the expected utility of an agent, ii) the ti...

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Volume:
555
Series:
Discussion paper series
Publication date:
2011-01-01
URN:
uuid:a3e3ba89-be2a-45c9-8e0b-6bb2cb6955f5
Local pid:
oai:economics.ouls.ox.ac.uk:15190
Language:
English

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