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- handle: 10670/1.qrr30l
- halshs: halshs-03884664
info:eu-repo/semantics/OpenAccess
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Discounting Discount rate Exponential model Hyperbolic model Maxmin expected utility discounting Maxmin expected utilitySujets proches
Bias Bank discount Discount rateCiter ce document
Bach Dong Xuan et al., « On multiple discount rates and present bias », HAL-SHS : économie et finance, ID : 10670/1.qrr30l
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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.