UNCERTAIN LIFETIME AND INTERTEMPORAL CHOICE: RISK AVERSION AS A RATIONALE FOR TIME DISCOUNTING*
揭示了寿命长度彩票偏好与跨期选择之间的联系，通过放松传统生命周期模型中的风险中性假设，将时间贴现与寿命长度偏好直接关联，并发现指数和双曲贴现分别源于对寿命的恒定和双曲风险厌恶。
This article makes explicit the links between preferences over lotteries on length of life and intertemporal choice. It shows that the approach used by traditional life cycle models to account for uncertain survival corresponds to a strong assumption of risk neutrality with respect to length of life. Relaxing such an assumption leads us to develop a more general formulation of lifetime utility in which time discounting is directly related to preferences over length of life. Exponential and hyperbolic discounting are found to result, in a first approximation, from constant and hyperbolic risk aversion with respect to length of life.