Published August 7, 2017
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On multiple discount rates
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.
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Additional details
- Eprint ID
- 79390
- Resolver ID
- CaltechAUTHORS:20170726-084059845
- Created
-
2017-08-07Created from EPrint's datestamp field
- Updated
-
2020-03-09Created from EPrint's last_modified field
- Caltech groups
- Social Science Working Papers
- Series Name
- Social Science Working Paper
- Series Volume or Issue Number
- 1418