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26 février 2024
- handle: 10670/1.affqqu
- hal: hal-04477409
info:eu-repo/semantics/OpenAccess
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dynamic optimization discounting continuous time laboratory experiment time consistency C - Mathematical and Quantitative Methods/C.C9 - Design of Experiments/C.C9.C91 - Laboratory, Individual Behavior D - Microeconomics/D.D9 - Intertemporal Choice/D.D9.D90 - General Q - Agricultural and Natural Resource Economics • Environmental and Ecological Economics/Q.Q2 - Renewable Resources and Conservation/Q.Q2.Q20 - GeneralSujets proches
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Marion Davin et al., « Discounting and extraction behavior in continuous time resource experiments », HAL-SHS : économie et finance, ID : 10670/1.affqqu
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Résumé
Experimenting with dynamic games raises issues about implementing discounting in experiments. Theoretical rational decision-makers evaluate payoff streams by converting them to a reference period, often "time zero." In experiments, subjects can adapt their strategy continuously. We explore individual behavior in a dynamic resource extraction experiment with two treatments: "z-discounting" (evaluating gains at time zero) and "p-discounting" (evaluating gains in present-time equivalents). Contrary to theoretical predictions, our data shows a significant positive treatment effect, indicating more substantial extraction under p-discounting. This challenges the theoretical model and prompts discussion on methodological considerations for discounting in laboratory settings.