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Decreasing Impatience
Published 4 Mar 2021 in econ.TH | (2103.03290v4)
Abstract: We characterize decreasing impatience, a common behavioral phenomenon in intertemporal choice. Discount factors that display decreasing impatience are characterized through a convexit y axiom for investments at fixed interest rates. Then we show that they are equivalent to a geometric average of generalized quasi-hype rbolic discount rates. Finally, they emerge through parimutuel preference aggregation of exponential discount factors.
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